Cybersecurity Month

Posted by Steadfast Entities on

Since October is National Cybersecurity Awareness Month, it’s the perfect time to learn about cybersecurity for the construction industry. 

While you may not associate construction with cyber threats, the truth is that as construction businesses are becoming more tech savvy, they risk more of these attacks. 

Why Cybersecurity Matters for Construction Businesses

Protecting Project Data

Construction companies deal with a vast amount of project-related data, including architectural plans, engineering designs, financial documents, and client information. A cyber breach can jeopardize the confidentiality and integrity of these assets.

Financial Consequences

The financial toll of a cyber attack can be particularly severe for construction businesses. Costs associated with data recovery, legal actions, and reputation repair can be devastating, potentially causing project delays and financial losses.

Safeguarding Intellectual Property

The construction industry relies heavily on proprietary designs, techniques, and technologies. A cyber attack can expose these trade secrets, compromising your competitive edge.

Client Trust and Compliance

Clients trust construction companies with their sensitive project details, financial details, and more. A breach not only jeopardizes client trust but may also lead to non-compliance with data protection regulations, resulting in legal consequences.

Supply Chain Vulnerabilities 

Construction projects involve collaboration with various suppliers, subcontractors, and partners. Weak cybersecurity within your organization can make you a target, affecting the entire supply chain and potentially damaging these valuable relationships.

Cybersecurity Tips for Construction Businesses

With all those risks, you’re probably wondering how you can keep your business safe. We have some easy cybersecurity tips to help your construction businesses build robust defenses during National Cybersecurity Awareness Month and beyond:

Employee Training

You’re only as strong as your weakest link. Conduct regular cybersecurity training for your staff, emphasizing the importance of recognizing and reporting potential threats. Teach them password best practices and ensure they can recognize common phishing attempts. 

Secure Communication

Make sure you’re keeping your information safe. Ensure secure communication channels for sharing project-related data, using encrypted email and file-sharing services. 

Network Security

Invest in firewalls, intrusion detection systems, and antivirus software to protect your network, and make sure to equip your employees’ devices (laptops, tablets, smartphones) with encryption and mobile device management (MDM) solutions. This might be an expense up front, but it can save you thousands in the long run. 

Access Control

Implement strict access controls to limit who can access sensitive project data, using role-based permissions. If possible, you should also assess the cybersecurity practices of your suppliers and subcontractors to identify potential vulnerabilities in your supply chain.

Incident Response Plan

Develop a clear incident response plan outlining how your organization will react to a cyber incident to minimize damage, and keep all software and systems up-to-date with security patches to mitigate vulnerabilities. Regularly back up project data and test data restoration procedures to ensure continuity in case of an attack.

Cyber Insurance

Consider buying cyber insurance to protect against financial losses. While it might not cover all financial losses, it can help keep your business afloat if there is an attack. 

With these basic cyber tips, you can prevent a major data breach. Contact Steadfast today for more technology tips or to rent quality construction equipment. 

The 5 Biggest Construction Cyber Risks

Posted by Steadfast Entities on

October is cybersecurity month, so we’re spotlighting the risks construction companies are now facing and how you can prevent them! 

While this hasn’t always been the top concern for construction leaders, cybersecurity is quickly rising in the ranks as more and more construction firms are targeted in malware and ransomware attacks.

Why is construction a target? 

Construction data doesn’t include the same amount of compromising client information as data from a bank might. While this seems like a good thing at first, it also means there are significantly fewer regulations around privacy and data security in the construction industry. 

At the same time, technology is exploding with new possibilities for the future of construction. Without these important security regulations in place, however, these new technologies present a big risk to an enterprising construction tech company.

What are the 5 biggest risks?

  1. Phishing is when someone uses a fake email address, posing as someone trusted, to try to get information from your organization. Rushed employees might overlook the red flags and provide them what they need, compromising your organization. 
  1. Domain imposters purchase domain names similar to your own or to a trusted partner, then email from them. Even if it’s someone you don’t recognize, the domain name creates a false sense of trust. 
  1. Password guessing via computers can also be surprisingly easy, allowing a hacker access to a legitimate employee’s account. From there, a hacker can send emails or access sensitive information.
  1. Ransomware is the scariest of the bunch. After gaining access to your construction company’s system (possibly using one of the methods above), the hacker will block access and demand a ransom for operations to resume. 
  1. Fraudulent wire transfers can also devastate a company. Using one of the above methods along with social engineering (manipulating people into doing what you want), an unsuspecting employee could transfer money to a hacker, all while thinking they were doing their job to keep the company running smoothly.

How do I protect my company?

You’re probably already very familiar with locking and securing your physical equipment. So now you need to learn how to be just as vigilant with your data. 

  • Learn about cybersecurity (by reading articles like this!) and stay on top of the latest hacking methods. 
  • Teach yourself and your staff to recognize suspicious domains and email addresses. Nothing is so urgent that you can’t double-check the sender’s request! 
  • Create strong passwords and enable multi-factor authentication.
  • Set up cybersecurity software, like email spam filters and malware protection.
  • Keep backups of all your data so you won’t be vulnerable to ransomware. 
  • Consider cybersecurity insurance or a third-party cybersecurity company. 

Some of these protections can be set up in just minutes! Protecting yourself and your business is easy when you get in the habit of good security. Explore cybersecurity more at Cox Blue.