Construction Industry – Cyber Surface Review

industry Overview
The construction industry is a prime target for cyberattacks because it collects and stores a large amount of sensitive data. This data includes project plans, blueprints, financial information, and employee data. Cybercriminals can use this data to steal intellectual property, disrupt construction projects, and extort money from builders.
In our interconnected digital world, the construction industry is increasingly reliant on digital technology (see below). These technologies make it easier for criminals to gain access to sensitive data. Secondly, many construction companies do not have a strong cybersecurity posture. They may not have a formal cybersecurity plan in place, and their employees may not be properly trained on how to identify and report cyberattacks. Being a Global Industry also means that construction companies are often working with partners and subcontractors from all over the world. This can make it difficult to track and manage cybersecurity risks.
The consequences of a cyberattack in the construction industry can be severe. They can lead to financial losses, disruption of projects, and safety hazards.
In 2021, the construction industry was hit by a record number of cyberattacks, with a 50% increase from the previous year.
Sources:
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Industry Common cyber attacks
•         Data breaches: These occur when unauthorized individuals gain access to sensitive data. This data could include blueprints, financial information, or employee records.
•         Malware attacks: These involve the use of malicious software to damage or disable systems. This could lead to the loss of data, the disruption of operations, or even the destruction of critical infrastructure.
•         Phishing attacks: These involve sending emails or text messages that appear to be from a legitimate source to trick the recipient into providing personal information. This information could then be used to gain access to systems or to commit identity theft. Cylo covers this under

technologies and innovations used in the industry
The construction industry is embracing various technologies and innovations to enhance efficiency, safety, and sustainability. These innovations streamline construction processes, improve project outcomes, reduce financial costs and environmental impact. It also opens the industry to an unconstrained Cyberattack surface
1.    Building Information Modeling (BIM) for improved project collaboration and design accuracy.
2.    3D Printing for faster, cost-effective construction and design flexibility.
3.    Modular Construction for off-site building, reducing time and waste.
4.    Drones for site monitoring and surveying.
5.    Augmented and Virtual Reality (AR/VR) for design visualization and safetytraining.
6.    Robotics for automating repetitive tasks and increasing safety.
7.    AI and Machine Learning to optimize scheduling and project management.
8.    Internet of Things (IoT) for real-time monitoring of sites and equipment.
9.    Sustainable Technologies like energy-efficient materials and renewable energy.
10.    Digital Twins for virtual replicas of projects for monitoring and maintenance.
11.    Cloud Collaboration Tools for real-time data access and teamwork.
12.    Wearable Tech for enhanced worker safety.
13.    Advanced Materials like self-healing concrete for durability.
14.    Blockchain for secure contract and payment management.
15.    Big Data Analytics to optimize resources and project outcomes.
16.    Geographic Information Systems (GIS) for better site analysis.
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Internal Threat and Third-Party Risks
Internal threats in the construction industry involve risks from within the organization, whether intentional or accidental. Disgruntled Employees with malicious intent can intentionally leak sensitive information, sabotage projects, or steal data for personal gain or to harm the organization. Further, we have accidental insiders such as contractors or partners who might unintentionally expose data by falling victim to phishing attacks, using weak passwords, or mishandling sensitive information like construction blueprints or financial documents.
Lack of Cybersecurity Training, Weak Access Controls (Segregation of Duties), Unpatched Systems (outdated vulnerable systems), Shadow IT or apps and systems not approved by the organisation, can all lead to exposed threat vectors and leave a company open to Cyberattacks.
Third-party risks arise from vendors, contractors, or partners with access to a construction company's network, systems, or sensitive data. These risks can come from weak cybersecurity practices of external entities.
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What Cylo can do for you
Cylo is a 100% owned IAG (Insurance Australia Group) locally secured and based Cyber Agency,  partnered with CGU, and we provide specialist Cyber Insurance. We are dedicated to making businesses Cyber Strong by protecting them from modern digital risks. Cylo combines traditional insurance with cutting-edge technology through an easy-to-use end to end Portal. Our wording is Industry standard without the Insurance jargon and offers 3 Levels of coverage that go beyond standard policies. Our partnership with UpGuard monitoring for the life of the policy, means we actively safeguard organisations against cyber threats, data breaches, and the financial and operational impacts of digital incidents. We provide you with a report listing vulnerabilities and mitigation measures but it doesn’t stop there, if your score changes at any one point during the life of the policy, you are automatically sent the vulnerability report and associated recommendations on ‘how to fix’ the exposure by reaching out to your IT person/provider.
Through proactive risk management and expert insights, Cylo empowers businesses to mitigate cyber exposures and respond effectively to threats.
Please contact your broker for a quote, we want to make you Cyber Secure!
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conclusion
In summary, both internal threats and third-party risks require diligent management in the construction industry to prevent data breaches, operational disruptions, or financial losses from cyber attacks.