It's 2019, Architects & Engineers Need Cyber Insurance
As cyber attacks increase in frequency, Fenner & Esler Agency has found ways to minimize cyber risk for A&E Firms.
At Fenner-Esler Insurance Agency, the priority is to ensure that customers stay in business. Recently Cyber Security breaches have been occurring more frequently and small A&E firms have been a target. Since 1923, Fenner & Esler Insurance Agency has been providing Architects, Engineers, Surveyors and Environmental Engineers with insurance, and now we are pleased to now offer our clients Cyber Security Insurance.
According to the Verizon Data Breach Investigation Report, Cyber attacks cost small businesses between $84,000-$148,000 and according to UPS Capital 60% of small businesses go out of business within six months of an attack. Data breaches are no a rare unfortunate occurrence for small A&E firm.
READ THE LATEST: A vendor to A&E’s in the tri-state area inadvertently infected all 50+ of their Architects and Engineering clients with malware.
The malware added an extension to all files which caused the files to remain “locked”. This impacted over 2,000 individual computers and servers. The Bad Actors / Hackers demanded payment as ransom in Bitcoin to decrypt the locked files. Without access to CADD files, time sheets, work in progress sheets, invoices, accounts receivable data and other important files, the business of A&E firms affected came to a halt. Luckily, certain companies had back-up files to restored some of the data lost, but other data and in-progress work-product were lost. Some computers running older version of accounting software were rendered inoperable and are unlikely to be restored.
Do Not Let This Be You.
There are ways to minimize risk for cyber attacks although they are increasing in frequency. At Fenner & Esler, we do not only provide insurance and risk management, but are taking proactive approach to protecting clients and other members of the built world.
To gain access to our checklist and proactive steps to protect your firm please quickly fill out your company name and contact information. A downloadable copy of the checklist will be sent to you by email and you will gain access to an interactive checklist online.