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Cyber Risk is not the first [risk] you think about with construction projects but it is something that merits consideration. The attached article shows that safeguarding sensitive data exchanged between owners and construction managers is paramount. https://www.enr.com/articles/58378-cyber-thieves-phish-away-a-735k-payment-to-a-minnesota-contractor?utm_medium=emailsend&utm_source=NL-ENR-ENR+Insider&utm_content=BNPCD240328082_01&oly_enc_id=0539F7758601F0E
The recent data breach incident serves as a stark reminder of the vulnerabilities present in the construction & development industry's infrastructure. Owners should insist on comprehensive data protection plans from construction managers to mitigate cyber risks effectively.
These plans should encompass robust encryption protocols, secure data storage mechanisms, and stringent access controls. By prioritizing data security and implementing proactive measures, stakeholders can foster a culture of accountability and transparency, safeguarding project integrity and mitigating the potential fallout from breaches.
In an era where cyber threats loom large, proactive vigilance is key to ensuring the success and resilience of construction projects.
If you have any questions on cyber risk or security or want to review your company's cyber threats, please contact Jon Edwards, Managing Director, at 732-395-4281 or jedwards@thealsgroup.com.