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CyCon, a tailored cyberinsurance solution for the construction industry.

CyCon covers the unique cyber risks construction clients face every day.

  • Cyber risk exposure is a growing concern for the construction sector as the industry migrates to “smart” systems that automate project design, safety management and project delivery.
  • A growing reliance on digital communications to connect with partners, suppliers and subcontractors can also increase exposure to cyber risk.

The results of the Willis Towers Watson Construction Risk Index showed that risks related to digitalization and new technologies are top of mind among global construction executives, with four of the top 10 risks falling into this category.

The increased risk of cyberattacks and data privacy breaches ranked particularly high as a strategic concern, highlighting that cyber loss prevention and mitigation has become mission-critical for construction companies.

It is more important than ever for the construction industry to have a risk transfer strategy in place. Cyber risk can never be fully avoided, and a claim or loss stemming from a cyber event can cause significant financial damage, contingent bodily injury or physical damage and long-term reputational harm.

Our cyber proposition is unique to the construction industry.

CyCon (currently only available in the U.S.), a response to this dynamic risk environment, surpasses off-the-shelf cyber coverage to relieve a construction client’s key concerns.

Contingent bodily injury
Coverage for insured's loss of business income as a result of breach or attack
Coverage for privacy claims due to drone usage

Expansion of the computer system definition to account for BIM, 3rd party hosted sites, and design software
Expansion of the privacy breach and security and privacy wrongful act definitions
Damage to first and third party property

Downstream contractual penalty coverage due to an outage or breach
Expansion of the system failure definition to include intentional shutdowns to mitigate a cyber attack
Coverage for extra expenses to include first and third party property damages due to cyber events

Why Willis Towers Watson?

More than half of all cyber incidents begin with employees, so it’s a people problem as well as capital. We believe no one decodes this complexity better than Willis Towers Watson. As a global leader in human capital solutions, risk advisory and broking, we are well-prepared to assess your cyber vulnerabilities, protect you through best-in-class solutions and radically improve your ability to successfully recover from future incidents.

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