Cyber Coverage
Exposures in the Real Estate Industry
+ Multiple stakeholders create their own vulnerabilities that
can infiltrate other stakeholders
+ Multiple locations and a decentralized industry mean multiple
potential failure points
+ Proliferation of individual devices and internet-connected objects
creates potential vulnerabilities and failure points for exploitation
+ Real estate sector contains particularly lucrative targets for cyber attacks
Insurance by Industry | Real Estate | Cyber Coverage
The Real Cost of a Cyber Incident
Above the Surface:
Well-known Cyber Incident Costs
+ Customer breach notifications
+ Post-breach customer protection
+ Regulatory compliance (fines)
+ Public relations/crisis communications
+ Attorney fees and litigation
+ Cyber security improvements
+ Technical investigations
Below the Surface:
Hidden or Less Visible Costs
+ Insurance premium increases
+ Increased cost to raise debt
+ Operational disruption or destruction
+ Lost value of customer relationships
+ Value of lost contract revenue
+ Devaluation of trade name
+ Loss of intellectual property
As real estate companies’ use of technology has grown over the last 20 years, from email to customer databases 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
