OneGroup
Cyberattacks threaten your business operations, revenue stream, intellectual property, client data, and reputation. Protect your company from digital hazards.
In the construction industry, cybersecurity is no longer just an IT issue, it’s a business continuity issue. As firms adopt digital tools like project management software, drones, smart machinery, and cloud-based collaboration platforms, they become increasingly exposed to cyber threats. Construction companies often manage large volumes of sensitive data, including architectural plans, financial records, employee information, and client contracts. A breach can disrupt job site operations, delay timelines, compromise safety, and damage relationships with clients and subcontractors.
Cyberattacks are relentless. A 2024 Cloud Security Report by Check Point revealed that 73% of cybersecurity teams received 10 or more security alerts daily; 61% reported security incidents in the past year. Hacked once? Expect a return visit. According to IBM’s 2022 Cost of a Data Breach Report, 83% of companies experiencing a data breach were hit multiple times.
The cost of recovering from a cyberattack is more than paying a ransom. In 2024, cybercriminals hacked Change Healthcare, compromising the health data of one-third of Americans. Change Healthcare paid the hackers $22 million in Bitcoin to unlock data, without a guarantee that the data hadn’t been copied or sold. Experts estimate it will cost nearly $3 billion to cover fines, credit monitoring services, lawsuits, reputational damage, and network reconstruction. That’s on top of the ransom.
Cyberattacks can lead to bankruptcy. A 157-year-old college in rural Illinois was forced to close after a ransomware attack locked them out of their data. They never recovered from the lost enrollments and network damage.
Why the Construction Industry Is a Growing Target
Construction companies are increasingly vulnerable to cyber threats due to their reliance on digital tools, mobile devices, and cloud-based project management platforms. From blueprints and bid documents to subcontractor agreements and client data, the industry handles sensitive information that hackers find valuable.
Key vulnerabilities include:
- Project delays and downtime: A ransomware attack can halt operations, delay timelines, and inflate costs.
- Third-party risk exposure: Construction firms often work with multiple vendors and subcontractors, increasing the risk of compromised networks.
- IoT and smart equipment: Connected devices on job sites can be entry points for cybercriminals.
- Employee data and payroll systems: Hackers target HR systems for personal data and financial access.
What a Cyber Insurance Policy Can Do for Your Business
A well-structured cyber policy can help with:
- Lost income due to project delays
- Customer and subcontractor data breach notifications (legally required in most states)
- Free credit monitoring for affected individuals
- Legal defense, state fines, damages, and settlement awards
- Reputational damage and public relations support
- Restoration of computers, mobile devices, and networks
- Technology improvements to prevent future hacks
- Ransomware attacks
- Breach response plans
OneGroup can help you decode complex cyber jargon and match you with a customized policy tailored to the construction industry.
Apply in Confidence
Insurance companies will scrutinize your cybersecurity. They’ll ask questions like:
- How much personal and project data do you collect and store, including paper files?
- Do you use antivirus software, strong passwords, and multifactor authentication?
- Do you have a written cyber incident response plan?
Don’t let cyber threats bring your construction projects to a halt. Protect your business, your data, and your reputation before an attack hits. Reach out to Brett Findlay by calling 315-480-7027, he’ll connect you with a specialist who understands the unique risks facing contractors and can help you prepare with confidence.