Construction Sector Experiences Heightened Vulnerability to Fraud and Cyber Risks
Ninety-three percent of construction, engineering and infrastructure sector executives said their companies had experienced a cyber incident or information theft, loss or attack in the past year—the highest proportion of all sectors surveyed in Kroll’s 2017-2018 Global Fraud & Risk Report. Additionally, 83 percent of these executives reported that their companies fell victim to at least one instance of fraud during the past 12 months—13 percentage points higher than last year’s survey.
Nearly four in 10 executives surveyed said their companies had been impacted by a virus or worm attack, and 31 percent suffered a data breach. Businesses suffered significant economic damage from fraud, with more than a third of respondents reporting losses of 7 percent or more of company revenues.
Forty-four percent of respondents from the construction, engineering and infrastructure sector believe their companies are highly or somewhat vulnerable to information theft, loss, or attack. Yet, only 61 percent have a plan for securing intellectual property.
Joanna Masterson was a writer and editor for Construction Executive for more than a decade.