High Risk, High Reward?

It’s been a little quiet over the last week, but this blogger has returned from her short hiatus. A lot has happened in the insurance world in the past week, and I’m feeling mighty inspired.

Heading into my beloved office this morning, I got thinking about risk. We take risks every day of our lives. In fact, we take so many risks that we might not be aware of just how often it happens. Something as mundane as driving a car, for example, can be an incredibly dangerous task. You might be the best driver in Sydney, but you can’t predict the behaviour of others on the road. It can be a risk using the office microwave to heat up your leftover fish curry. You might earn some enemies in the office by doing so. Or, some of you might have taken a particularly large risk yesterday by placing a bet on the Melbourne Cup (here’s hoping it paid off!).

Risk

Image: Wikipedia

But risks are also changing for the construction industry. According to Insurance Business, construction clients should be aware of the ‘underappreciated’ insurance risks in the construction industry.

The news comes from Iain Drennan, industry expert and head of construction at Jardine Lloyd Thompson. He believes that many construction clients face a rising cyber threat. Drennan, however, believes their threat differs from that of other sectors.

“Construction companies don’t necessarily house personal information like the banking or retail sectors. However, they still have access to sensitive information, especially if they are dealing with government entities,” Drennan told Insurance Business.

Some construction firms face loss of data, software threats and theft of intellectual property. But Drennan believes that the breadth of cyber cover available to construction clients has increased dramatically in the last couple of years. This means that constructions clients have the opportunity to be better prepared for rising risks. In this case, ‘playing it safe’ is the smart thing to do.

Words by Skye Jamieson