In 2021, it was found that the construction industry was the third most likely to experience a cyber-attack. The construction industry is an appealing target for cyber-attacks for a number of reasons. First, transactions typically include the personal and business data that attackers find attractive, such as financial data. The industry is also well-known for its lack of security and privacy measures, which may be the result of lacking regulation in this field. Construction also involves interacting with a number of vendors which allows for greater opportunity to wreak havoc.
Plan to Prevent and Protect
Understanding the industry’s vulnerability is important in developing a plan to protect one’s company and avoid future attacks. However, not all construction companies are equally vulnerable. There are a number of factors that contribute to an attacker selecting a particular company, including customers, nature of projects, technologies, and the amount of data within the organization.
In any case, all construction companies should have a plan in place to prevent attacks, as well as a process for mitigating attacks while they’re occurring. A few important steps to take when developing these measures include educating employees, consulting with insurance brokers, identifying response teams and clarifying roles, and practicing.
Expect the Unexpected
While attempting to avoid attacks is imperative, understanding that they may happen regardless is important. This includes having a plan in place for those “just in case” incidents. Though the industry is largely unregulated with regard to cyber-security, being proactive and taking that extra step even though it is not required, will make an impactful difference on your business.
Additionally, cyber-attacks are alarming for both your company and your clients. Taking the extra step to ensure your clients’ data is secure helps position your company apart from the others in a relatively crowded market. Moreover, practicing and having a plan in place for employees to follow in the case of an attack, helps mitigate anxiety and stress resulting from the event.
