Editor’s note: Phil Casto is senior vice president for risk services at Chicago-based insurance firm HUB International, and has extensive experience in the construction, manufacturing and petrochemical industries.
Years ago, a thief had to physically sneak onto a construction site in order to steal something valuable, like copper pipes or a jackhammer. Today, all that thief needs to do serious damage is an internet connection and a smart phone.
As the world has digitized and automated, it has become more and more important to protect your data. Construction businesses that adopt technology solutions — from drones, with their real time monitoring and data collection, to automated onsite and back-room processes and digital tools for managing resources — also leave the door open to cyber risk.
In many cases, the contruction firm doesn’t even know there has been a breach until the damage has been done.
One of the biggest concerns is social engineering, where a cyber criminal poses as a member of the management team or an important vendor, using business email compromise tactics and causing the release of large sums of money or information that can be monetized. Often the criminal has sent a bogus invoice, which the contractor may unknowingly pay.
The worst part is, construction companies may think they don’t need to worry, either because they don’t realize how much data they have online or because they have an insurance policy that includes cyber coverage. The fact is that cyber claim costs are skyrocketing, and cyber insurance premiums are predicted to rise 30% to 40% in the next year.
Cybersecurity is a concern for every construction business, no matter how small. According to Verizon’s 2019 Data Breach Investigations Report, 43% of cyberbreach victims are small- or medium-sized businesses. Take steps to protect your data and lessen your cyber risk with these tips:
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