What to Know About Cyber Risk in the Construction
The construction industry is one of the few industries today that is not production-driven. Even so, many factors have exposed construction companies to a host of new threats, making the need for cybersecurity an important risk to consider. It’s common for construction companies to believe that they aren’t a target for cybercrime – but this belief only makes the industry easier prey for attackers. Every business is vulnerable to cyber threats, but they can protect themselves with cyber hygiene practices, cyber breach plans, and cyber liability insurance. Take a look at just a few of the sources of cyber risk in the construction industry.
Access to Confidential Client Information
If you store client information digitally, there will be a way for hackers to access this sensitive data. Comprised intellectual property such as building specifications and architectural drawings can provide a roadmap for criminals to gain access to more information, such as financial accounts and employee data.
The construction industry is highly decentralized, which can pose a unique cybersecurity challenge. Workers are often highly dependent on mobile devices and laptops and may use multiple networks. Valuable technology such as tablets and laptops are often stored on job sites in unsecured vehicles, leaving them at risk.
As third-party vendors to clients, who also use third-party suppliers, construction companies are exposed to stakeholder breach liability risk on all sides. Contractors could be held liable for the damages customers sustained.
Have questions regarding your insurance for your project? Talk to the team at Nahai Insurance Services! We can help you secure the right coverage for your needs today.