The world of Landscapers, Construction Contractors & Nurseries is continually shifting and evolving, especially during this challenging time. As work becomes more reliant on technology, and exposure grows online, so too does the risk of cyber-attacks. Green industry businesses and construction contractors regularly handle their clients’ personal information, project data, financial data, and so much more. This data is stored on their networks, or in the cloud. Thus, insurance brokers must protect their green industry and construction policyholders from the risk of damage from this data being compromised.
Based on Federal Emergency Management Agency (FEMA), bad actors can access or damage clients’ computer systems to commit identity theft, fraud, access personal documents and photos, and cause disruptions to business uptime.
The cost to deal with the recovery from a data breach can run from thousands to millions depending on the severity, this is why carrying a sufficient Cyber Liability Insurance policy is so crucial.
The biggest obstacle for most brokers when selling a cyber policy is helping the client to understand that they are at risk. Many business owners believe they don’t have enough data or online presence to warrant the cyber policy. NIP Group provides an array of coverage in their Cyber Liability Insurance to assess and respond to the breach, monitor customer credit, manage crisis and PR issues, and more.
The owner received an email with an attachment appearing to come from a client about a potential deal. When he opened the attachment, an aggressive variant of malware entered his network and corrupted the software and database he uses to manage all his contracts and billings. This compromise happened at the worst possible time for the business. It was nearing the spring season and they are preparing to send out dozens of contracts to their land mowing clients. Without access to the computer system and no quick way to recover, the business was could face weeks of disruptions. Thinking quickly, the insured contacted NIP Group and the carrier and they promptly called in a team of incident response specialists. They were able to identify the variant of malware and remediate the insured’s machine so he could return to business as usual. The cost of $3000 is responded to by the policy.
Construction Contractors (SitePro)
An excavation company fell victim to a targeted ransomware attack. The bad actors had probed the 200 employee insured’s networks in previous months, initially entering the network from a malicious link in an email. The insured’s systems and servers were encrypted and a demand for $800k of bitcoin followed. The insured utilized incident response managers procured by NIP Group and the carrier at a cost of $30,000 which the policy responded to. They instructed IT forensics to establish the method and scope of the attack. Fortunately, the team was able to remediate the entirety of the issue and the business was able to resume operations within 2 days of the breach.
A nursery has a security camera system with a DVR connected to the network that is running on outdated Windows XP. Since the camera system is connected to the internet and unpatched, an automated system run by bad actors finds it on the internet and infects it with ransomware. The ransomware spreads throughout the nursery’s network locking their server that holds all their email subscribers as well as their website. It also prevents them from using their cash register effectively shutting down their business. Not knowing what to do, they contact NIP Group and the carrier, who quickly puts in place an incident response team. The team is able quickly to de-encrypt the locked systems using their expertise and get the nursery running again within 2 hours. The cost of $7000 is responded to by the policy.
Insurance brokers must protect their clients who are trusting them with their livelihoods. Clients ranging from landscapers, construction contractors, nurseries, greenhouses, and more need protection from cyber-attacks or they risk losing everything. Reminding clients to be proactive can ensure company data stays safe and secure. Insurance brokers can keep businesses going on as usual by providing Cyber Liability Insurance from NIP Group to protect company assets and cover financial losses when a breach occurs.
To learn more about protecting your clients from cyber-attacks, contact the experts at NIP Group at (800)-446-7647. Our licensed professionals will be happy to answer any questions you may have.