Is the Construction Industry at Risk of Cybercrime?

By Cliff

Today, the work of construction businesses incorporates much more technology than it did 10 years ago. As new technologies are adopted to improve efficiency and competitive edge, it is unwise to ignore technology-related risks. Cyber-risk can outweigh the benefits of technological advances if things go wrong.
According to research from the Online Trust Alliance, only one-third of cybercrimes are reported. Hackers might consider businesses in industries without a lengthy history of heavy technology use as easy targets.

Ransomware is more common than you might think. An attack might mean that all your files are encrypted or deleted unless you pay a ransom to get them back.

What would happen if you lost CAD drawings, let alone the rest of your business’s information?

There’s also the cost of business interruption to consider. In practice, this means anything involving your technology is shut down or frozen until data is recovered – if you have appropriate back-up files and separate storage facilities. If your business information isn’t backed up, you might recommission drawings and try to re-create important documentation – or perhaps some companies would even pay the ransom!

Reducing cyber-risk has become important to most businesses. As with public liability, you take every practical measure to mitigate risk, but you still insure against an incident.

Security measures you could take are likely to involve how you interact with third parties and how your employees or contractors use your technology. Although IT specialists can offer system security solutions, they can’t guarantee that you’re safe from cybercrime.

Some of our Directors and account executives have a long track record of working in construction and related industries. To find out how we can help you, please contact us on 01525 719 955 or click here to email us.

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