Like many other industries, the construction space has undergone a significant technology-enabled transformation over the last few decades and is now relying heavily on technology solutions to help save money, time, and labor. Though these advancements have helped improve efficiency, margins, and communication with project teams, they have come at a cost. As construction companies increasingly rely on technology (particularly the use of “bring your own device” policies) to run their day-to-day operations, they have made themselves more susceptible to bad actors.
Some construction leaders may be thinking “that only happens to the big guys, my firm is too small,” but cyber losses have become a leading category for carriers in the construction industry as many companies have suffered from cyberattacks — particularly ransomware attacks.
According to Coveware, a leading ransomware defense and response firm, the most heavily cyber-attacked organizations are those in the 11 to 100 (30.2% of all attacks) and 101 to 1,000 (35.7% of all attacks) employee count range, which describes most construction companies.