Cyber Coverage
Exposures in the Hotel Industry
+ Many hotels fail to regularly patch their antivirus tools,
increasing risk of ransomware attacks
+ Proliferation of individual devices and internet-connected
objects creates potential vulnerabilities and failure points for
exploitation
+ Cyber threat landscape continually evolves, with attackers
growing more sophisticated and expanding their targeting
+ Increased reliance on capturing and saving data creates
exploitable vulnerabilities
Insurance by Industry | Hotels | Cyber Coverage
The Real Cost of a Cyber Incident
Above the Surface:
Well-known Cyber Incident Costs
+ Clients lose trust in business and may seek another vendor
+ Ability to conduct business may be directly impacted during and after cyber event
+ Company reputation is damaged in the business community and with clients
+ Intellectual property could be lost or made widely available, damaging competitive advantage
Below the Surface:
Hidden or Less Visible Costs
+ Lose cutting-edge value with loss of intellectual property
+ Cost of post-breach customer protections
+ Attorney fees and litigation
+ Fines for regulatory compliance
+ Large insurance premium increases
+ Payments to investigate cyber crime or pay in the event of cyber extortion
As hotels’ use of technology has grown over the last 20 years, from email to billing systems and beyond, so too have the risks associated with cyber losses.
IMA’s Cyber Risk practice leverages a proprietary proactive risk management playbook, specifically designed to address the risks faced by real estate companies to minimize the risk of a data breach or hack:
Vendor Contracting
Security Checkup
Risk Measure
Cyber Risk Hub
+ Data Breach Modeling
+ Cyber Claims Studies
+ Security and Privacy Awareness Training
