Cyber threats are an escalating concern for contractors, yet many construction companies remain vulnerable. Recent findings from the 11th annual Travelers Risk Index reveal that while 80% of contractors agree on the importance of cybersecurity controls, more than half still lack an incident response plan, and nearly 45% don’t use multifactor authentication.
Construction as a Cyber Target
Historically slower to adopt new tech, construction companies often fall behind in cybersecurity. Yet the risks are substantial, with cybercriminals frequently targeting contractors due to their mobile operations and the range of potential disruptions cyberattacks can cause, such as:
- Delays or halts in project progress due to ransomware
- Exposure of confidential bidding data
- Theft of business or client data
- Access to proprietary plans, blueprints, or specifications
Attackers may also compromise safety by tampering with building plans, safety systems, or internet-connected equipment. Third-party suppliers and vendors, if targeted, could disrupt your access to necessary materials, slowing down project timelines.
Strengthening Internal Controls
Start with routine cybersecurity assessments that inventory hardware, software, network layouts, and user access. Identify all users, including employees, vendors, and project partners, to uncover potential vulnerabilities. With this information, your company can establish controls and protective measures that reduce breach risk and improve response plans.
Key cybersecurity measures include:
- Enforcing strong, frequently updated passwords
- Implementing multifactor authentication to prevent unauthorized access
- Installing endpoint detection and response tools to monitor potential intrusions
Keep all devices updated with the latest security patches, and provide employees with regular training to identify and avoid phishing attempts. Since many breaches stem from human error, staff education is vital. Regular data backups are also essential, with backups stored securely off-site to ensure data availability if the primary network is compromised.
Investing in Cyber Resilience
According to the Travelers survey, half of all construction companies lack cyber insurance. Investing in a cyber insurance policy tailored to the construction industry can protect against financial losses from various types of cyber incidents. Our firm can help you evaluate and manage the costs of building and maintaining a strong cybersecurity foundation.
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