The 2020 Travelers Risk Index found fewer companies are taking steps this year compared with last year to mitigate cybersecurity threats despite growing online safety concerns amid the COVID-19 crisis, according to www.constructiondive.com.
In a survey of more than 1,200 business leaders, 48% have used hacker intrusion detection software; 47% have undergone a cyber-risk assessment of their firms; 37% have undergone a cyber-risk assessment of their vendors; and 42% have written a business continuity plan that could help in a cyberattack.
Additionally, 22% of respondents said their companies had been victims of a hacker, the highest percentage since the survey’s inception in 2014.
Hackers increasingly are going after construction companies, which often are underprepared for an attack. Contractors work closely and share vital information with subcontractors and owners, so ensuring all parties’ data and information are safe provides an extra challenge. In addition, the disconnect between the field and the office can create lapses hackers can exploit.
After economic uncertainty, cyber risk is the second-highest concern among businesses. Companies worry “some or a great deal” about suffering a security breach (52%); unauthorized access to financial systems (50%); employees putting company information at risk (48%); becoming a cyber extortion/ransomware victim (47%); theft of the company’s customer or client records (47%); and suffering a cyber event because of employees working remotely (47%).
