In this increasingly digitized economy, the construction industry relies more and more on technology to achieve operational efficiencies.
As the construction industry grows at a neck-breaking speed while embracing the new technology, it has become more persuasive for cybercriminals to attack the industry.
The digitalization of the construction industry means securing sensitive data, including documents, personal data, building models, landmarks, etc. Now imagine what if there is a data breach; the consequences could be catastrophic.
Cybersecurity traditionally isn’t something that is associated with the construction industry. However, cyber threats in the construction industry are increasing at an alarming rate. According to a report the construction industry will soar $12.9 trillion by 2022. This increase clearly depicts the threats posed by the construction industry.
Why is cybersecurity important for the construction industry?
The latest report states that 68% of the companies are not ready to combat cyber attacks, which clearly means that companies do not have an appropriate response plan to protect them. This significant increase in the risk of falling prey to cybercriminals and then losing the critical information and data means that the construction data has to be prepared.
According to a list published by the safety detective, the construction industry is the third highest industry suffering from ransomware attacks. This means that construction industries have to be at a par to combat the challenges.
Cyber Security challenges faced by the construction industry?
Here are some of the repercussions faced by the construction industry due to cybercrimes.
Reputation Loss
When a company suffers from a data breach, the fact that the customer’s private information gets into the wrong hands of the attackers is a frightful thought. Moreover, this will also drive irreparable reputational damage that will put the company’s future in jeopardy.
Loss of Assets
Construction companies have a lot of digital and intellectual assets, and they need immediate protection. Intellectual property is valuable to cyber attackers as it can reveal various secured legal rights. Since a construction company holds many valuable assets, therefore they should have a proper strategy to protect the data and digital assets.
Read More: Cybersecurity in the Construction Industry - Sattrix
