A recent ransomware attack on Canadian contractor Bird Construction serves as a reminder to the industry of the importance of cybersecurity.
Canadian media reported a few weeks ago that the Ontario-based contractor was the victim of a digital incursion that resulted in the encryption of company files. There were no major impacts and the affected files were quickly restored, but the incident underscored the risks for contractors during a time when data is more valuable and relied upon than ever by the industry.
Data including employee social security numbers, building plans, and construction time frames can be exploited, resulting in legal fees and punitive damages. All organizations that collect and process this data are required to exercise measures to protect it.
Also at stake are the potential loss of client trust and competitive advantage. Damages from such events are hard to quantify, but can be substantial. A lot of construction industry leaders are not aware how valuable their data is, and fail to invest properly in cybersecurity.