Fraud, cyber attacks, and security risks continue to plague the construction, engineering and infrastructure sector at high levels, according to senior corporate executives surveyed worldwide for the 2017/18 Kroll Annual Global Fraud & Risk Report.
The survey by the risk solutions provider found that 83% of respondents experienced at least one fraud incident in 2017. Nearly all (93%) reported a cyber incident, and 67% reported some other kind of security incident.
Information theft, loss, or attack was the most prevalent type of fraud experienced in the sector, cited by 33% of respondents, up 15 percentage points from 2016. Regulatory or compliance breach was second on the list, reported by 30% of executives, almost twice the reported incidence in last year’s survey (18%).
Physical theft or loss of intellectual property (IP) was the most prevalent type of security incident, with 43% saying their organizations fell victim to these crimes. “There is a convergence between physical and digital threats, with issues arising from equipment with sensitive data being stolen or lost, for example, or employees with access to highly sensitive information accidentally or intentionally causing a breach,” said Jason Smolanoff, senior managing director and global cyber security practice leader for Kroll.
Related Stories
| Oct 20, 2011
Alabama’s strict immigration law drives away construction workers
Alabama's strict new immigration law is driving many construction workers and roofers from the state.
| Oct 20, 2011
Fed bill would allow school rehab funding via historic tax credits
Virginia Sens. Jim Webb (D) and Mark Warner (D) introduced a bill this month to rehab aging schools across the country through the use of historic tax credits.
| Oct 20, 2011
Process leads to new design values for southern pine and other visually graded dimension lumber
A summary of the process used to develop new design values will clarify many of the questions received by the SFPA.
| Oct 19, 2011
Another drop for Architecture Billings Index
Positive conditions seen last month were more of an aberration.
| Oct 18, 2011
Dow Building Solutions invests in two research facilities to deliver data to building and construction industry
State-of-the-art monitoring system allows researchers to collect, analyze and process the performance of wall systems.
| Oct 14, 2011
ACI partners with CRSI to launch new adhesive anchor certification program
Adhesive anchor installer certification required in new ACI 318-11.
| Oct 13, 2011
New Building Materials Label Focuses On Sustainability
Architectural products company Construction Specialities and design firm Perkins + Will have created a label for building materials to shed light on product content.
| Oct 13, 2011
New Law: California Building Standards Commission Must Include Green Expert
A new California law, AB 930, requires that one member of the California Building Standards Commission be “experienced and knowledgeable in sustainable building, design, construction, and operation.”
| Oct 13, 2011
AGC Urges Repeal of 3% Withholding On Government Contracts
The U.S. House of Representatives is planning a vote in October on a bill to repeal the 3% withholding requirement on all federal and state contracts for goods and services.
| Oct 13, 2011
House Bill Would Block New OSHA Regulations
Proposed riders in a U.S. House of Representatives spending bill would block the Occupational Safety and Health Administration (OSHA) from issuing controversial workplace safety and health regulations.
