What is Cyber Hygiene?
Many construction companies turn a blind eye to the importance of cyber hygiene and do not have adequate security measures in place. This leaves them vulnerable to attacks from cybercriminals who can exploit these vulnerabilities to gain access to sensitive data. Construction companies must take steps to improve their cyber hygiene to protect themselves from these risks.
Cyber hygiene is the practice of maintaining secure cyber practices to protect your computer networks and user data. This includes implementing security measures such as password protection, anti-virus software, and firewalls. By practicing cyber hygiene, construction businesses can reduce the risk of cyber-attacks and data breaches.
Why is cyber hygiene important for construction companies?
Construction companies, family-owned/SMB/SME, often have weak security measures, making them an easy target for cybercriminals. By implementing better security measures, construction companies can reduce the risk of being attacked.
Another reason why cyber hygiene is essential for construction companies is that they often deal with sensitive data. Construction companies often have access to confidential information such as customer financial data and employee records. If this data falls into the wrong hands, it could be used for identity theft or fraud. Or the cybercriminal can forcibly halt the construction operations and or infiltrate construction systems and jeopardize the integrity of a build. By practicing cyber hygiene, construction companies can help protect this sensitive data from being compromised and ensure final output.
The most common cyber threats faced by construction companies:
The most common cyber threats faced by construction companies include malware, ransomware, and phishing.
Malware is a type of software designed to harm or disable computers. It can be spread through email attachments, infected websites, or pirated software. Once installed, malware can damage files, delete data, or even take control of your computer. Construction companies should install anti-virus software to combat malware and avoid opening suspicious email attachments or clicking on suspicious links.
Ransomware restricts access to your computer until you pay a ransom in exchange for the unlock key. This can be a massive problem for construction companies as it could prevent them from accessing important files or even shutting down their computers. To protect against ransomware, construction companies should regularly back up their data and have a disaster recovery plan.
Phishing is a social engineering attack that involves sending fraudulent emails purporting to be from legitimate businesses or organizations. These emails may include attachments or links that install malware on your computer. They may also trick you into revealing sensitive information such as passwords or credit card numbers. To protect against phishing attacks, construction companies should be aware of the signs of a phishing email and train their employees on how to spot them.
How to respond to a data breach or cyber attack.
If your company experiences a data breach or cyberattack, it’s essential to act quickly and decisively. Here are some steps to take:
- Assess the damage: The first step is to assess the damage and determine what data has been compromised. This information will be essential for notifying affected parties and mitigating the damage done.
- Notify affected parties: Once you have a list of affected parties, it’s crucial to notify them as soon as possible. This includes customers, employees, and any other individuals who the data breach may have impacted.
- Mitigate the damage: The next step is to take measures to mitigate the damage done by the data breach. This may include changing passwords, revoking access to affected accounts, or taking other steps to secure your data.
- Prevent future attacks: Finally, you’ll need to take steps to prevent future attacks. This may include improving your cyber security posture, implementing new measures, or increasing employee awareness. You can help protect your company from future cyberattacks by taking these steps.
Steps to improving your Cyber Hygiene:
There are several steps that construction companies can take to improve their cyber hygiene. Some of these steps include:
- Implementing strong password protection measures.
- Installing anti-virus software and firewalls.
- Educating employees on cyber security best practices.
- Regularly updating software and firmware.
- Restricting access to sensitive data.
Construction companies can significantly reduce their risk of cyber-attacks and data breaches by following these steps. By protecting themselves from these risks, they can help mitigate the adverse effects that a cyber attack could have on their business. Additionally, practicing good cyber hygiene will help build trust with customers and ensure their information security. Overall, improving cyber hygiene is vital for the success of construction companies in today’s digital world.
How to create a cyber hygiene policy for your construction company.
Creating a cyber hygiene policy for your construction company is essential for protecting your data and preventing future attacks. Here are some steps to take to create a policy:
1. Establish a leadership team: The first step is to establish a leadership team responsible for implementing and enforcing the policy. This team should include representatives from all departments of the company.
2. Define your goals: The next step is to define your goals for the policy. This will help you determine what measures need to be implemented to achieve those goals.
3. Draft the policy: Once you have determined your goals, you can begin drafting the policy. Be sure to include measures for preventing and responding to cyber-attacks and protecting sensitive data.
4. Implement the policy: The final step is to implement the policy company-wide. This includes training employees on the policy and ensuring it is being followed. You can help protect your company from future cyberattacks by taking these steps.
How does practicing cyber hygiene affect surety bond underwriting?
Construction companies are a prime target for cyberattacks, as they often have extensive networks of employees and customers. By practicing good cyber hygiene, construction companies can reduce their data breach or cyber-attack risk. This can help protect their customers’ data and mitigate any damage that may be done in the event of an attack.
In doing so, underwriters should consider the firm’s cyber prevention plan:
- Has the firm been breached before, and what was done?
- Is there a company-wide cyber policy and a leadership team or designated manager responsible for it?
- Are employees trained in the responsible use of tech, email, and protecting their devices?
- What are measures apart of that plan to address a breach? Is there a professional 3rd party in a place that can respond on behalf of the firm?
- What accounting and finance controls are in place to mitigate attacks?
Cyber attacks can cause work stoppage, jeopardize payment flow, hijack working capital, or harm the integrity of a project. Adoption of cyber insurance policies for construction companies still lags, can be limited in coverage, and take time to claim. The policies aren’t meant to prevent but recover, leaving the contractor and bonding company exposed. In today’s construction environment, surety companies must establish underwriting standards that reflect minimum viable security when evaluating a contractor’s capacity, just as they would their ability to perform.
