BUSINESS
Why Cyber
Should be
Higher on
Contractors’
Risk Agendas
Cyber security remains low
on construction professionals’
priority lists
By Nick Montera and Matthew P. McCabe, Marsh
Rarely does a week go by without a
cyber incident making headlines.
According to the World Economic
Forum’s 2019 Global Risks Report, cyber and
data privacy and security threats are the leading
risks facing companies operating in North
America. The simple truth is that cyber risk is
industry-agnostic and any business that relies
on technology can suffer a loss.
Yet many construction risk professionals do
not view cyber risk as a priority for their organizations,
leaving them vulnerable to costly
cyber-attacks or technology disruptions that
can devastate their bottom lines. However, contractors
can take action to reduce their risk
through a combination of robust internal practices
and the purchase of insurance coverage.
Greater efficiency, greater risk
Contractors are different than many other
businesses in that they collaborate in a digital
environment with many project stakeholders
to bid on and perform work. Through designbuild
and other alternative contract delivery
methods, contractors – rather than professional
service firms – hold ultimate responsibility
for the source of systems and software
that is incorporated into a building or other
form of infrastructure.
Jozef Mičic/123rf
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