Recent reports reveal a troubling trend: from 2023 to 2024, attacks on small construction companies surged, now representing 6% of all incident response cases handled by Kroll, a risk-advisory firm. This increase, according to the 2024 Cyber Threat Landscape report, reflects a broader vulnerability among businesses that handle numerous invoices and operate under tight deadlines. Here's why these industries are under attack and what you can do to protect your business.
Why Construction Companies Are Vulnerable
- High Volume of Vendor Interactions: Construction companies typically engage with a myriad of suppliers and vendors. Each of these touchpoints presents a potential security vulnerability. For instance, if a hacker compromises a vendor’s email account, they can send fraudulent invoices that appear legitimate, tricking companies into diverting funds to the hacker’s account.
- Frequent Use of Mobile Devices: Remote work and mobile device use are prevalent in the construction industry. While mobile devices offer flexibility, they are often less secure than desktop systems, increasing the risk of unauthorized access and data breaches.
- Pressure and Urgency: The construction industry, like healthcare, operates under high-stress conditions where quick decision-making is crucial. This urgency can lead employees to overlook security protocols when processing invoices or approving transactions, making them more susceptible to cyber attacks.
Not Just Construction: Other Vulnerable Sectors
The issue isn't confined to construction. Small manufacturing firms, educational institutions, and healthcare providers—often dealing with multiple vendors and urgent invoices—are also experiencing rising cyber threats. These sectors share similar vulnerabilities, making them attractive targets for attackers.
Steps to Defend Against Cyber Attacks
- Implement Multifactor Authentication (MFA): According to the Cybersecurity and Infrastructure Security Agency, accounts protected by MFA are 99% less likely to be compromised. MFA requires multiple forms of verification—such as a mobile device or biometric scan—before granting access, making it much harder for hackers to gain entry even if they obtain login credentials.
- Verify Supplier Information: Establish a protocol for verifying the authenticity of invoices and supplier details. Employees should be trained to double-check financial transactions directly with suppliers using trusted communication channels, like a phone call, to confirm the validity of the request.
- Conduct Regular Employee Training: Regular training is crucial in defending against cyber threats. Educate your employees on recognizing phishing attempts and social engineering tactics. The Information Systems Audit and Control Association recommends cyber security training every four to six months to keep employees aware and vigilant.
- Maintain Up-to-Date Cyber Security Measures: Outdated software can be an easy target for cybercriminals. Keep all software up-to-date and invest in strong antivirus and anti-malware solutions to detect and prevent potential attacks before they breach your systems.
Stay Proactive, Stay Protected
As a family-owned IT company in Palm Beach Gardens, we understand the unique challenges faced by small to medium-sized businesses. By implementing robust cyber security measures and staying vigilant, you can safeguard your company against the growing threat of cyber attacks. Don’t wait for an attack to happen—be proactive and protect your business from becoming a victim.
If you need help securing your IT infrastructure, contact us today. We specialize in network security and cloud computing solutions tailored to local businesses just like yours.