Hackers Targeting Construction Companies for Lucrative Proprietary Information

Here are a Few Reasons Hackers are Targeting Construction Companies

In the past, the construction industry has fallen behind in terms of investing in technology. But nowadays, many construction companies are starting to realize the benefits of having the right mix of hardware and software to survive in today’s highly competitive marketplace. In fact, many construction companies are even starting to leverage internet of things devices, such as power systems, water heaters, and thermostats. But still, they’re not investing in the right cybersecurity solutions to keep up with current threats. Unfortunately, hackers are aware of this – and they’re starting to take advantage.

Why Would Hackers Target Construction Companies?

Even a small construction company holds a ton of proprietary information, including the following:

  • Employee information
  • Designs
  • Bid data
  • Profit/loss information
  • Banking records
  • Materials pricing
  • And other confidential information

This type of proprietary information holds enormous value for hackers looking to make a quick buck on the dark web. Your complex projects typically involve data exchange with partners and subcontractors, suppliers, and regulators – meaning a lot of information is moved around. If you’re not properly securing each and every endpoint, you’re at a major risk for cybercrime, including ransomware, phishing attacks, and other forms of malicious activity.

What Happens When a Construction Company is Hacked?

An attack typically means some degree of downtime, as well as the need to notify affected individuals about the disclosure. This impacts construction companies in many ways, including the following:

  • Negative press resulting in reputational damage
  • Unplanned expenses associated with repairing damaged equipment
  • Potential fines from regulatory bodies for noncompliance
  • Inability to submit bids resulting in a loss of revenue
  • And much, much more.

The impact of an attack brings loss to the construction firm, as well as their employees, vendors, and suppliers.

How Can Construction Companies Minimize the Risk of an Attack?

When it comes to preparing for cybercrime, it’s all about prevention. The construction industry tends to bring together all sorts of people from different locations, education levels, and more. Typically, there’s a high turnover rate and a range of individuals working on any given project. This leads to a lack of training wherein employees don’t know how to detect and respond to malicious activity. The first step to minimizing the risk of an attack is training in the form of a comprehensive cybersecurity training program.

Aside from training, it’s important to secure ALL endpoints, especially if you’re using internet of things devices. Here’s a few tips:

  1. Install enterprise-grade firewalls and anti-virus software to minimize the risk of unauthorized access on the network.
  2. Leverage a web content filtering solution to limit what your employees can view on the internet while connected to the network.
  3. Deploy an anti-spam solution that keeps unwanted spam email out of your employees inboxes.
  4. Implement a data backup and disaster recovery plan that keeps all important proprietary information recoverable if needed.

Most of All, Construction Companies Should Work with an Award-Winning Grand Rapids IT Company to Keep Their Proprietary Information Safe Against Hackers. Call Micro Visions at (616) 776-0400.

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