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All-in-one cyber insurance and protection
for construction companies
BOXX provides the most effective combination of threat prediction, breach protection and cyber insurance coverage for construction companies and providers.
The importance of cybersecurity
Construction companies are attacked because they hold valuable information, including intellectual property, project plans, financial data and employee information.
They often use outdated software and inadequate security measures. The industry is heavily reliant on digital systems and devices, which are spread across multiple jobsites, creating a complex network that is difficult to secure.
Moreover, company executives often underestimate the value of their data, making them susceptible to ransomware attacks. Additionally, the nature of remote work has security risks, with supervisors taking laptops home / accessing systems through unsecured networks. Finally, subcontractors / vendors may also present a backdoor source for hackers to exploit. The use of old computers, operating systems and virus protection also increases the risk of cyberattacks.
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The average cost of a data breach for a construction organization in 2021.
IBM’s Cost of a Data Breach Report
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Construction SME’s were concerned about cyber-attacks and only 17% implemented cybersecurity measures in 2021.
Survey by Next Insurance
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Increase in the number of ransomware attacks on construction organizations in 2020, with an average payment of $154,108.
Coveware’s Report
How BOXX helps construction providers prevent cyber attacks
With the increasing frequency and severity of cyberattacks targeting the manufacturing industry, BOXX has the solutions for your cybersecurity needs. Our comprehensive all-in-one cyber insurance and protection helps manufacturers prevent and mitigate the impact of cyberattacks.
Cyber Insurance Coverage and Protection
Our all-in-one cyber insurance and protection plan, Cyberboxx Business™ provides the most comprehensive coverage for construction companies. BOXX has got you covered when it comes to hacker damages, insider threats, reputational damage, loss to business, bricking costs and more.
Hackbusters™
Proactive cybersecurity solutions for construction businesses that can identify and address vulnerabilities before they are exploited by cyber criminals. This can include regular vulnerability assessments, breach response services, employee training programs and the implementation of robust cybersecurity measures.
Virtual CISO
Our vCISO service provides access to a team of cybersecurity experts who can act as a virtual Chief Information Security Officer (CISO) for your construction company. Our vCISO will develop and implement a cybersecurity strategy tailored to your company’s needs, to improve its cybersecurity posture with ongoing support and guidance.
Today’s cyber risks for construction companies
Ransomware
Ransomware attacks can harm construction companies by limiting access to critical systems, potentially causing delays in project work. Companies may feel compelled to pay the ransom to regain access, leading to financial and reputational losses.
Fraudulent Wire Transfer
Fraudulent wire transfers present a substantial risk to the construction industry, who are often moving large sums of capital around. They present extreme fiscal issues and can also lead to server reputation harm.
Business Interruption
A cyber-attack on a construction company’s software or equipment could potentially cause a delay in the project while the cyber-attack is properly addressed, leading to overdue deadlines.
Breach Of Intellectual Property
A construction company holds highly sensitive blueprints or schematics in its computer system. Breach of these computer systems could result in major reputational damage and potential lawsuits.
Breach Of Bid Data
A construction company holds information regarding its bidding strategies on a computer system, access and acquisition of these files could lead to a loss of a competitive edge.
Business Email Compromise (BEC) Attacks
Hackers can impersonate an executive or CEO within a construction provider organization to trick employees into sending sensitive data or initiating fraudulent wire transfers. This causes financial loss, reputational damage, disruption of operations, regulatory noncompliance and loss of intellectual property.
Here’s a Reality Check – examples of cyberattacks on construction companies!
The exposure of cyber-attacks in construction is amplified by the amount of confidential and proprietary information digitally stored and shared across projects and their long information technology (IT) chains.
2019’s BIG data breach attack
Landry’s Inc, a hospitality and gaming company that also owns several construction-related businesses, experienced a data breach in 2019. The breach exposed the personal and payment information of customers who had visited Landry’s restaurants and other businesses.
US-based construction company responsible for breach?
In 2014, Morrisons discovered that an employee had posted the personal data of almost 100,000 employees on a file-sharing website. The employee was sentenced to 8 years in prison and over 9,000 employees whose data had been unlawfully disclosed brought claims against Morrisons, which was held liable for the breach. Although Morrisons was not directly liable for the incident, they faced multiple claims for compensation from the affected employees and appealed the decision to the Supreme Court.
US-based pipeline construction company majorly risks employee data
A US-based pipeline construction company experienced a data breach in 2020. The breach exposed the personal information of over 500 employees, including their names, addresses, Social Security numbers and driver’s license numbers.
Get the details on our Cyber Insurance Coverage & Services
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