News release

How building owners can address their cybercrime misconceptions

JLL, Red Bison Technology Group and Aon identify ways to gain access to the right level of comprehensive cyber insurance and significantly lessen the risk of an attack

October 04, 2022

Jenna Sharp

Property Management and Capital Markets
+1 214 438 6450

CHICAGO, Oct. 4, 2022 Cybercrime is expected to account for a loss of $10.5 trillion globally by 2025, according to a recent report from research firm, Cybersecurity Ventures. While many commercial building owners believe their properties are covered from these types of risks through general commercial property insurance policies, cyber event inclusions within blanket property insurance policies likely do not provide the necessary breadth of coverage.

According to a recent whitepaper between JLL’s Property Management group, Red Bison Technology Group and Aon in order for commercial property owners to gain comprehensive cyber protection, they must fully understand the risk of Information Technology and Operational Technology (IT/OT) threats, why comprehensive cyber insurance is necessary to protect against catastrophic loss and how to meet minimum compliance and cyber insurance requirements.

“I frequently have conversations with building owners who remain confused about the risk of OT threats and what is or is not covered,” said Jason Lund, Leader of Technology Infrastructure at JLL. “In the past, this lack of understanding was not researched sufficiently by the owner. Unfortunately, the problem has now become too great to ignore. Much of what we’re doing now is helping our clients think through their OT cyber issues so we can help direct them to providers that specialize in cyber risk mitigation and reduction services. For example, building owners should know the requirements of their accountability for transparency regarding cybersecurity incidents. This is the type of information we want our clients to know is potentially on the horizon, so they can be prepared for it.”

In addition to evaluating cyber security posture and reviewing coverage gaps in current insurance policies, building owners need to also focus on protocols, such as infrastructure architecture, security and training controls, to avoid limiting their coverage capacity from insurers.

According to Joanne Quintal, Cyber Solutions Team Managing Director at insurance broker Aon, this is because “based on the rise of cyber claims that have continued to develop from both frequency and severity, insurers have been forced to reevaluate their underwriting results. In a hard market, premium rates go up and coverage reductions/exclusions are added. In this environment, insurers are keenly focused on identifying and evaluating the adequacy of individual cyber security profiles. This investigative work can result in insufficient coverage capacity for a buyer if sufficient cyber security protocols are not in place.”

To effectively meet the necessary requirements in obtaining cyber insurance, Dave Cahoon, CTO at Red Bison, advised that “it is important to consult with an expert that understands the unique needs of commercial real estate and how to most effectively mitigate risks that exist within building and campus digital infrastructures.”

Cahoon’s recommended approaches include evaluation of access to all ingress and egress points, deployment of the right network platform, such as a Zero Trust Network Access (ZTNA) and an overall ease and use of management of IT/OT systems to mitigate the risk of impacting digital transformation productivity gains

JLL’s 2,300 property management experts in the U.S. provide comprehensive real estate services in more than 3,800 buildings totaling more than 745 million square feet.

For more news, videos and research resources on JLL, please visit our newsroom.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Red Bison

Red Bison, a PropTech and Digital Infrastructure Services Company with a highly flexible, vendor-neutral digital platform, simplifies the operations and delivery of advanced technology solutions that improve tenant satisfaction and increase asset values. The Red Bison digital platform seamlessly integrates and connects smart building, BMS, IoT, and other facilities/management technologies to streamline and fully automate building processes while meeting requirements for increased performance, security, and sustainability.