INSURING AGAINST
CYBERCRIME AS THE CONSTRUCTION INDUSTRY’S RELIANCE ON TECHNOLOGY AND AUTOMATED SYSTEMS GROWS, TROY FILIPCEVIC FROM EMERGENCE INSURANCE DETAILS THE IMPORTANCE OF CYBER INSURANCE TO ENSURE BUSINESSES CAN CONTINUE RUNNING AS NORMAL IN THE EVENT OF A CYBERATTACK.
T
he Australian Cyber Security Centre received 13,000 reports of cybercrime from individuals and businesses over three months in 2019. The Federal Government also estimates cybersecurity incidents cost Australian businesses $29 billion a year. According to Troy Filipcevic, Managing Director of Emergence Insurance, if you think your business is immune to a cyberattack, think again. “Emergence Insurance is the only underwriting insurance company in Australia 100 per cent focused on cyber risks for business. Cyber insurance helps protect businesses against all forms of cyberattacks,” he says. Emergence Insurance and Underwriting Agencies of Australia (UAA) collaborate to service the road construction industry. Both companies are part-owned by parent company Steadfast Group. “We’re both leaders in our respective industries, with UAA specialising in mobile equipment including cranes and construction machinery and Emergence as an expert in cyberattack. We think the partnership between the two will benefit UAA’s customers,” Mr. Filipcevic says. Mr. Filipcevic spends two days a week in the UAA office working with the team and with George Grasso, UAA Chief Services Officer. “We work closely with UAA and a number of their customers are already on board or are examining these sorts of policies. UAA has joined forces with Emergence to provide cover for cyberattacks and, very soon, all policy renewals will cover for this risk,” Mr. Filipcevic says. “People tend not to think about cyber issues – they think it won’t happen to them. But cyberattacks have been increasing exponentially,
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ROADS APRIL 2020
