The construction industry has come a long way in using technology to be successful. Many operational and capital investments have been made by construction companies to drive digital connectivity across the construction supply chain and on project sites. Most project managers and workers now use tablets, smart phones, and laptops.
However, the construction industry is still slow to identify vulnerabilities in their network or devises. We often see a lack of best cybersecurity practices, tools, and awareness in the construction industry. A heavy reliance on sub-contractors, transient labor forces, and use of technology provides many entry points for the bad guys.
What are the impacts to YOUR Company if victim to a cyber-attack? What happens if you are attacked, and your business comes to a screeching halt?
Some of the biggest risks we see in companies lacking cybersecurity best practices:
- Disruption in projects, delays and financial losses.
- Major reputational damage and potential regulatory fines and lawsuits.
- Exposure of Digits Assets: Business and acquisition plans, proprietary construction plans and designs, pricing, PII (customers and employees), facilities security information.
- Your Supply Chain Vendors: non-confidentiality agreements as a part of individual construction projects, thus exposing them to risk of contractual penalties should a breach occur.
- Legal fees.
Smaller construction companies or sub-contractors are often high volume/low margins with success dependent on project deadlines and meeting the project specifications. A cyber incident could crush a small construction business. Here is a report from the 2021 Surety Bonding and Construction Risk Management Conference titled “Why The Construction Industry Is Being Impacted By Cyberattacks, And What to Do About It.“
For the construction industry, theft, and petty crimes such as vandalism at building sites are nothing new. Construction firms often have deterrence mechanisms in place such as physical security or supply monitoring. A cyber incident such as ransomware or data theft could have much bigger consequences than a stolen pallet of windows.
Some of the opportunities we see for establishing best cybersecurity practices:
- Lack of employee security training
- Outdated operating systems
- Security patching is behind with no accountability measures
- Weak passwords with no password management
- Device theft
- File sharing without proper data storage and secure file sharing in place
Following cybersecurity best practices can close the gaps that put your business, family, and employees at risk.
Straight Edge Technology proudly supports the construction industry. Please download your free Cybersecurity assessment through this link or the QR code below.
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