Because most of a construction firm’s work is accomplished offline, not everyone – including those working in the industry – realize that construction businesses are vulnerable to cyberattacks and are a popular target for cybercriminals. But construction projects are at risk, and construction IT services are the answer.
The Growing Risk for Construction Firms
Cybersecurity threats were the top concern for construction industry leaders in a recent survey by QBE, and yet the industry remains the least prepared for handling cyberattacks. QBE observed:
The construction industry is challenged by a multitude of unique and ever-evolving risks, including a skilled labor shortage, cybersecurity threats, supply chain disruption, increasing material costs, the potential for worker injuries, and new exposures that come with the integration of new technologies.
Construction projects, both large and small, are a huge target for cybercriminals. We must dispel the myth that only large corporations fall victim to cyberattacks. Nearly half of all cyberattacks are launched against small businesses, and the construction industry has become a significant target for cybercrime. Ironically, the inherent risk of working construction projects extends far beyond the physical risk your workers face each day. Because of the mobile nature of the work and the increased reliance on technology to ensure that the work is done as efficiently as possible, managed IT services have become more necessary than ever.
In an interview with IT Brew, Kroll’s associate managing director, Laurie Iacono, explained that the most common tactic cybercriminals employ when attacking construction companies is business email compromise (BEC), an attack with which the threat actor attempts to dupe the email recipient into sending money or divulging sensitive information. In the construction industry, this type of attack involves sending fraudulent invoices both to and from construction firms. Iacono explained that the construction industry has many vendors, so they are issuing and receiving a number of invoices. The industry involves frequent onsite digital sign-ins via mobile devices, and on-the-road employees may be less aware of fraudulent email traits.
Why Construction Companies Must Have IT Support
It is with the backdrop of this high-risk landscape in mind that construction professionals must seriously consider a partnership with a managed IT firm. Not only will construction IT support add cost savings and a layer of needed security to your firm, but by working with a managed construction IT provider, you can focus on the increasing needs of your construction business and not on whether your project management software is patched and licences are up to date, or whether your team can communicate safely from the field. Working with a service provider can also give you a competitive advantage by improving these areas of your business:
Project Management
Successful construction firm professionals are proficient project managers. They understand the relationship between efficiency and satisfied clients. Running a proficient construction company ensures that costs remain economical so that the construction firm can submit competitive client bids. Having the right IT support for your construction firm can help your company reduce risk and improve compliance, all while meeting project deadlines.
Communication
Construction firms often have a workforce out in the field at various project sites, and contact among one another, the office, and supervisors must be maintained. Construction IT providers ensure that teams are able to stay connected during each project in order to deliver on time.
Data Security
Construction companies are responsible for maintaining an overwhelming amount of confidential information, from proprietary data about RFPs to the detailed project plans and financial records of their clients. Having the right construction IT support ensures the necessary data privacy measures are in place to protect your construction firm and your clients.
Hardware and Software Maintenance
The construction sector has seen a huge surge in cyber threats, averaging 226 incidents annually. Having a managed IT provider to support your infrastructure and maintain your software helps to prevent out-of-date hardware or software applications and building information monitoring software from becoming a threat to your organization. Proactive monitoring of your infrastructure and network keeps your business building.
Document Management
Contracts must be signed. Licences must be up to date. Permits must be obtained. Efficient management of your project documents can help give your construction operations a competitive advantage in a very competitive industry. But keeping that information secure – even on the go – can be a challenge.
Regulatory Compliance
The construction industry is bound by a number of regulations at the city, province, and federal level. And because these firms must meet strict compliance standards, a construction IT partner can play a crucial role in helping your businesses comply with industry-specific regulations.
The ITeam Advantage
Every construction company should have the ability to safely and securely manage inventory and equipment, create and deliver estimates on-site, manage and track costs effectively, schedule equipment maintenance and track repairs, and securely store data. Project efficiency is crucial to success.
Comprehensive IT support for construction companies is as important to your business continuity as the foundation is to a solidly built home or office building. Today’s construction workers are just as likely to carry a laptop as they are a hard hat, a hammer, and blueprints. As you take advantage of new technologies, make it a priority to partner with a managed IT provider to protect your construction sites and to help ensure that cybercriminals don’t take advantage of you. The last thing you need to worry about is uptime, cybersecurity, disaster recovery solutions, or network reliability. Protect your construction teams and protect your clients.
Learn more about The ITeam’s managed IT for construction companies.