Cyberattacks may not feel like a core operational risk for construction businesses. However, as technology and even artificial intelligence become more integral to the building process, so do the related threats. A single data breach can disrupt projects, expose a wide range of sensitive information and damage your company’s reputation. So, the question is: How vulnerable are you? Among the best ways to arrive at a clear, informed answer is to conduct a formal cybersecurity assessment.
More tech, greater risk
Many contractors today are leveraging technologies that enable them to share and view financial and job-related information from job sites and other remote locations. Your business may use cloud-based systems for remote access to payroll, billing, estimating, procurement, scheduling and project management systems.
What’s more, GPS tracking systems, robotics, 3D printing and other technologies are finding their way into the construction process. Many project teams use building information modeling or similar technologies to view and edit plans, specifications and other construction data online.
With all this data flying around, the risk of a breach is high and extends well beyond the disclosure of confidential financial information or competitive intelligence. It also raises serious concerns about potential personal injuries, property damage and work stoppage. Imagine the harm a hacker could cause by altering plans or specifications, destroying data, interfering with a building’s security or safety systems, or remotely tampering with vehicles or equipment.
Gather knowledge, defend better
Formally defined, a cybersecurity assessment is a structured evaluation of a company’s technology systems, data and access controls designed to identify vulnerabilities and reduce cyber risks. More specifically, conducting one helps you:
- Inventory hardware and software,
- Identify security gaps potentially exploitable by hackers, as well as vendors, subcontractors and other project partners, and current and former employees, and
- Add or revise internal controls and other protections to reduce the likelihood of a cyberattack.
A cybersecurity assessment can also help you develop an incident response plan to mitigate the damage in the event of a breach.
Several recognized cybersecurity standards and frameworks guide these efforts, including those developed by the National Institute of Standards and Technology (NIST) and the International Organization for Standardization (ISO). Some construction businesses may even consider obtaining NIST or ISO compliance certification. Doing so can create a competitive advantage, as an increasing number of government agencies and other project owners require their service providers to obtain one or both certifications.
That said, many construction companies lack the internal expertise or time to evaluate complex technology risks. So, you may want to engage an external consultant to conduct a cybersecurity assessment. Such an engagement will involve a substantial upfront expense, but third-party involvement can provide objectivity, an efficient process and specialized expertise.
Identify risks, get stronger
Not every small to midsize construction business needs to overhaul its systems or invest in expensive enterprise-level solutions. But there’s only one way to know for sure. You’ve got to comprehensively identify your company’s most significant cyber risks in the context of its operations, financial transactions, compliance obligations and budget constraints. We can help you fortify your cybersecurity defenses cost-effectively, without unnecessary complexity or expenses.
