Cybersecurity threats are a global concern; according to research from Statista, the cost of cybercrime is expected to hit $23.84 trillion by 2027. And the construction industry increasingly is becoming a target.
Brilliance Security Magazine shares the following common cybersecurity threats affecting construction.
- Ransomware. This is when cyber criminals encrypt company data and demand a ransom—anywhere from hundreds to millions of dollars—to decrypt and return it.
- Phishing. This is when scammers send messages to victims via email or SMS to force them to share login credentials, banking information or company data.
- Business email compromise. These attacks involve cyber criminals hacking into a company’s network and sending fraudulent emails—appearing to come from executives or other important company individuals—to ask for payment.
Brilliance Security Magazine offers the following ways to help construction companies protect themselves from cybersecurity threats.
- Update passwords regularly. Ask employees to change their passwords monthly and use special characters, capital letters and numbers.
- Conduct frequent security audits. These audits highlight the weaknesses in a company’s network infrastructure and allow businesses to be more proactive in preventing attacks.
- Implement firewalls and antivirus software. Every company should have a firewall to keep cyber criminals out and only allow trusted individuals to access vital information. Antivirus software can detect and prevent viruses from taking advantage of networks and systems.
- Hold employee cybersecurity training. This training can help companies reduce the likelihood of attacks because it heightens employees’ awareness about potential threats and can help defend against common cybersecurity threats.
NRCA has partnered with Acrisure, Grand Rapids, Mich., to offer NRCA’s Cyber Liability Insurance Program. Learn more.
