Cybersecurity Risks and Threats in Construction
Ransomware, malware, and data breaches have become common terms in today’s business world. While it might seem that only major consumer brands are vulnerable, that's far from the truth. The construction industry is also at high risk of cyber threats. Since the industry increasingly relies on technology, this growing dependency exposes it to a wide range of potential cyber risks.
What Cyber Threats Do Trade Contractors Face?
Just like any other business, trade contractors and the construction industry can face multiple different cybersecurity threats that can strongly impact the operation both physically and financially. Some of these threats include:
- Data Breaches: Sensitive data for clients, operations and financial reports can be a primary target for hackers, resulting in financial losses and project data leaks.
- Phishing Attacks: Phishing emails can be used to trick employees into providing sensitive information to hackers, opening the door for easier cyber-attacks.
- Supply Chain Attacks: A hacker can target suppliers and vendors, resulting in a disruption in operation.
How Do Cyber Risks Impact Your Clients?
It is not just your company’s information at stake, but your clients as well. Critical and confidential information for all parties can be at risk, and it is important to take proper precautions to protect this information. Interruption of business operations, loss of financial data and leaking company/client information can ruin your company’s reputation in the industry.
Your insurance coverage should help reduce your business's overall risk exposure. Ensure your company, employees, and clients are protected from cyber risks, data breaches, and potential financial losses. Reach out to TSIB today to make sure you have the right strategies and coverage in place.
TSIB’s Risk Consultants are currently servicing the following locations:
East Coast: New York City, NY; Bergen County, NJ; Fairfield County, CT; Philadelphia, PA
Texas: Austin, San Antonio, Houston, Dallas
California: Orange County, Los Angeles County, Riverside County, San Bernardino County, San Diego County
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