You might think construction businesses are less susceptible to cyberattacks than other industries. However, construction companies collect a large amount of data that is attractive to cyber criminals, including employee information, client data and intellectual property, specifications, and more. In fact, the data breach that affected Target stores in 2013 resulted from a hacking attack against an HVAC contractor servicing the retailer. Small contractors are not immune and are often easier targets due to smaller IT budgets and fewer security resources.
Some causes of data breaches for contractors include lost devices, hacked systems, malicious code (malware), improper disposal of records, and employee (insider) action. Additionally, as more and more networked technology is incorporated into construction equipment, that equipment can be targeted by cyber criminals as well. To defend against these threats, your data security plan should contain several key components:
Being proactive is always the best defense so your business is not an easy target for hackers. However, in the unfortunate event of a cyber loss, be sure you have cyber insurance in place, which can provide coverage for both first- and third-party claims.