Contractors are Prime Targets for Phishing and Ransomware Attacks
Far too many small to medium businesses in Chattanooga, Tennessee, believe that they are not targets for cyber attacks, often not seeing the value in purchasing cyber insurance. Many contractors are no different. It is a myth that cyber insurance is only for companies that work heavily with computers, like an IT company. Any company that utilizes email, a website, computers, or mobile devices is at risk for a cyber attack.
Many construction companies think that they aren’t at risk for a cyber attack, leading them to neglect proper investment in cybersecurity tools and use outdated, end-of-life systems, making them easy targets. They also possess valuable infrastructure and intellectual property information, making them desirable targets for cyber criminals.
Common Cyber Risks for Contractors:
Ransomware: A roofing company in Chattanooga discovers widespread encryption across their network, locking them out of their entire system. They receive a ransom demand of $3M to regain access.
Business Email Compromise: An attacker accesses the email account of a landscaping company’s employee and sends fraudulent wire instructions to a client, who then pays the $50K invoice.
Social Engineering: A commercial project contractor receives a fraudulent email claiming to be from a subcontractor, requesting payments to a different address. The contractor sends a $200K check, only to find out later that the instructions were fraudulent.
Cyber insurance protects Chattanooga businesses from significant financial loss in the event of a cyber incident and helps them recover quickly.
Why Cyber Insurance is Essential for Chattanooga Businesses
Chattanooga businesses, especially in construction, need to understand the importance of cybersecurity. Investing in cyber insurance ensures that your business is protected against potential cyber threats. Whether you’re running a small business or a large enterprise, the risk of cyber attacks is real and can have devastating financial consequences.
Contact Us for Cybersecurity Insurance in Chattanooga
Protect your business from cyber threats with comprehensive cyber insurance. Our experts are here to help you navigate the complexities of cyber risk management. Call us today at 423.541.1111 to secure your business against Cyber Attacks and ensure your long-term success.
