Editor’s note: Phil Casto is senior vice president for risk services at Chicago-based insurance firm HUB International, and has extensive experience in the construction, manufacturing and petrochemical industries.
Years ago, a thief had to physically sneak onto a construction site in order to steal something valuable, like copper pipes or a jackhammer. Today, all that thief needs to do serious damage is an internet connection and a smart phone.
As the world has digitized and automated, it has become more and more important to protect your data. Construction businesses that adopt technology solutions — from drones, with their real time monitoring and data collection, to automated onsite and back-room processes and digital tools for managing resources — also leave the door open to cyber risk.
In many cases, the contruction firm doesn’t even know there has been a breach until the damage has been done.
One of the biggest concerns is social engineering, where a cyber criminal poses as a member of the management team or an important vendor, using business email compromise tactics and causing the release of large sums of money or information…
