LGT's Profit Sense
Cybersecurity is a major issue that many companies face. As we integrate more technology into our business, our business becomes more susceptible to hacks and other corruption. The construction industry is no different. Construction companies are using technology to make working on and off site easier and keeping communication between various employees accessible.
Protection of these essential tools is necessary to keep customer and employee data safe, along with company assets. Statistics show that over $1 trillion was lost due to extortion and loss of productivity because of cyberattacks in 2018 alone. In order to keep your company safe, focus on these main areas of cybersecurity needs to be increased.
People
Keep people informed. The more employees know about possible ways the system can be compromised, the more they can prepare for these scams and deter unsafe actions. Phishing is one of the most common methods for hackers to get into your company data. Teach employees what these emails look like and what they should do or who they should contact if they encounter one.
Mitigate human error. Human error is the biggest cause of cyberattacks by far. Making sure employees are following processes and procedures to reduce the chances of human error is best investment to your company to avoid these attacks.
Limit access to certain employees. Not everyone needs access to all information. Having segregation of duties makes it less likely that if a breach happens, all data is in jeopardy. Take some time to see who really needs access to the data you have stored and create limits for other employees.
Technology
Be aware of BYOD. “Bring Your Own Device” culture is becoming more prevalent in the construction industry as more people need connection to their home office and employees at other sites. As more people are using their own devices, it is important to have procedures in place to avoid a breach. The construction industry is relying more on using digital systems to design structures.
Keeping the schematics of these structures safe is important, especially to the customers whose safety could be compromised if these documents got into the wrong hands. Utilizing VPN and creating restrictions on accessing other sites and apps when doing work can save your company from a possible attack.
Update older technology. Old technology poses a huge threat as hackers continue to become more advanced. The older the technology, the easier it is for a hacker to get into your systems. This includes hardware, like laptops, tablets, phones, and software, such as programs used to communicate or manage projects.
Processes
Reduce confusion with a written plan. Your company should have processes and procedures, easily accessible to employees, that everyone follows in order to keep their data safe. Going over this plan and fine tuning it with an advisor can save you from future problems because all employees are on the same page.
Take advantage of multifactor authentication. The harder you make it for someone to impersonate employees, the less likely you are to be hacked. Guessing a password can sometimes be easy but having a second method of authentication, like a second device at a work site, can stop an attacker from making it into your company data.
Change password requirements. Outdated password requirements only give hackers a leg up on guessing your employee’s password. By adding more requirements, passwords chosen have to be more complex and this makes it harder for hackers to guess and infiltrate your system.
Looking for more information about how to stay financially secure in the construction industry?
