Increased digitization is helping construction companies work more safely and efficiently, writes commercial underwriter Northbridge Insurance.
Yet as more enterprises embrace robotics and automated systems, that growth comes alongside increased risks.
“The digital revolution is a double-edged sword for construction companies,” Northbridge says. “As construction and contracting technology is used more frequently on and offsite, cyber risks in construction continue to grow. The more computerized technology you use, the more vulnerable your business could become to things like ransomware, spear phishing scams, cyber fraud and digital hijacking.”
What is worrying is that in a survey of all industries on a global basis, a 2024 Munich Re survey found 87 per cent of corporate managers felt their companies were not adequately protected against cyber risks.
Few industries are as interconnected as construction. A normal part of conducting business requires third parties to have access to critical company data.
“Analyzing third-party risks continues to be a growing factor for construction companies, especially as more organizations are relying heavily on these…
