Author, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.
Equipment and material theft as well as jobsite vandalism are exposures that unfortunately contractors have become accustomed to over the years. Over the last decade, however, the construction industry has seen a new threat arise and its name is Cybercrime. While the contracting community is likely familiar with this term, many mistakenly feel as though they are immune to this threat. With minimal personal identifiable information on hand, few, if any, payments accepted through credit card and storage of data in the cloud, what is their true exposure? Below are five REAL cyber threats contractors are facing on a daily basis:
Ransomware entails encrypting company data so that it cannot be used or accessed, and then forcing the company to pay a ransom, typically in Bitcoin, to unlock the data. This type of cyber threat has grown tremendously in the last few years and is one of the most lucrative types of attacks.
Phishing involves the attempt to obtain sensitive information by getting employees to click a hyperlink or open an attachment in a phishing email. This could allow malware to install on a system, or take an employee to a fake website where they could enter sensitive personal or business information. Phishing scams can ultimately lead to employees being tricked into sending money via wire transfer to a bank account controlled by a cyber-criminal.
Malware Attacks encompasses a variety of cyber threats such as viruses and worms that are created to gain access to networks, steal data, or destroy data on computers. Malware usually comes from spam e-mails or malicious website links.
Password Attacks are big threats facing businesses with employees who use weak or easily guessed passwords. Using weak passwords for multiple logins can allow unauthorized users to access information through your company’s secured network.
Insider Threats is a risk to an organization that is caused by current and/or former employees and business associates. These people can access critical information and/or data through your company which can cause harmful effects through greed, carelessness, or ignorance.
Now, more than ever, companies need a strong Cyber Prevention Plan in place. This would include:
Identifying your company’s most valuable information and where this information is located on your network.
Establishing Best Practice controls and procedures that consider both internal and external threats.
Communicating cyber security measures to the entire company and help your employees understand the threats your organization faces, and their role in protecting the company’s assets.
Adding a strong Cyber Liability Policy to your Risk Management Portfolio
To learn more about implementing a strong Cyber Prevention Plan and our CyberOne program, reach out to Sam Clayton at sclayton@ranchomesa.com or call 619-937-0164.
Edited 4/19/2021.