Failure to address cybersecurity threats increases contractors’ exposure to a host of threats to their brand and bottom line. Negative press often accompanies cybersecurity incidents, causing reputational damage and potentially resulting in unplanned costs. Further, it can decrease a company’s market valuation, create new legal complexities and may give rise to fines from some regulatory bodies for noncompliance. All of these are possibilities when breach prevention and notification practices have not been managed or properly handled.
Construction companies face the same threats as other industries, given their reliance on IT systems and internet connectivity for business operations. However, limited attention to security risks—combined with a common belief that they aren’t a target—often make construction companies low hanging fruit for attackers. Consider the impact on operations if an intruder gained access to a proprietary bidding model and sold it to competitors, or stole bank account credentials to conduct fraudulent transactions. Would the company be able to recover and remain competitive?
Confidential information can be compromised in multiple ways. Some of the various methods of attacking a company’s system require a high level of skill and time on behalf of the intruder, while others require little to no effort and can be performed by relatively inexperienced attackers.
Following are examples of attacks.
Thwarting cybersecurity threats is challenging, as intruders are using more sophisticated and evolving techniques to avoid detection. As such, it is imperative for a business to ask its IT staff and advisors the right questions regarding the security of critical systems and data. Following are some questions to consider.
These suggestions provide a high-level first step in assessing corporate IT preparedness. Should additional resources be necessary to improve the company’s IT security infrastructure, consult a trusted third-party service provider to assess the firm’s IT structure and risks. Knowledgeable IT advisors can provide the tools and counsel needed to help protect the company from cybersecurity breaches or other IT-related issues.
When searching for a trusted third-party advisor, consider individuals holding established certifications in the industry, such as CISSP, CCE, CISA, CRISC and GCIH certifications. In today’s evolving information technology world, addressing security risks can be critical to sustaining a strong brand in the industry. Businesses must take the steps necessary to protect their information and avoid damaging interruption of operations or, worse, becoming the next headline.
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