Cyberattacks are on the rise in the construction industry. These attacks can shut down business operations, cause reputational damage and result in costly litigation and fines. Consider the following factors contributing to this concerning trend:
- Insufficient Preparation. The majority of construction companies haven’t prioritized cyber preparedness. In fact, according to a recent study from technology company IBM, 74% of construction organizations aren’t prepared for a cyberattack.
- Increased Adoption of Technology. Many of the devices used by construction companies to increase workplace
efficiencies (e.g., asset tracking technology, machine controls and on-site security systems) are vulnerable to cyberattacks. - Desirable Data. Construction firms store large amounts of sensitive business data and personal information, making them lucrative targets for cybercriminals.
- Elevated Third-Party Exposures. Construction companies frequently work with multiple vendors or third-party contractors, increasing their cyber exposures.
Although cyber threats have become increasingly prevalent, here are steps construction companies can take to minimize their risks:
- Conduct training. Educate employees on how to recognize and respond to potential cyberattacks.
- Prioritize supply chain exposures. Identify and control cyber risks related to working with external organizations.
- Have a plan. Develop and practice a cyber incident response plan.
- Obtain proper insurance. Speak with a trusted insurance professional to secure sufficient coverage for cyber losses.
For more information on reducing cyber risks, contact INSURICA today.
This is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.
About the Author
Share This Story
Related Blogs
Preventing Burnout in Working Parents Helps Employers
For companies aiming to elevate productivity, engagement, and loyalty in the workforce, prioritizing support for working parents may be a wise investment. Experts agree the stress of balancing professional and family obligations exacts a significant toll, frequently culminating in burnout — and businesses bear the brunt of the consequences.
Using Employee Feedback to Optimize Benefits Packages
As employers look to reduce spending, many are slashing essential worker benefits like 401(k) plans, health insurance, and tuition assistance. However, experts warn against indiscriminately axing the costliest perks employees rely on. They say a better strategy is identifying underutilized offerings to cut and reallocating those dollars toward in-demand benefits.
The Game-Changing Benefit You’ve Been Overlooking: SECURE 2.0’s Student Loan Matching
A key provision in the SECURE 2.0 Act that took effect January 1 could be a game-changer for employers looking to assist workers with student debt while also bolstering retirement savings.