Semion Kronenfeld: The Importance of Cybersecurity in Construction

When it comes to the construction industry, there are a number of factors to keep track of in order to promote success and mitigate any potential risks to your business. One of the most important of these factors is the importance of cybersecurity and its maintenance.

Industry professionals, such as Semion Kronenfeld, know how important it is to keep track of changes to the cybersecurity needs of the construction industry, as well as how much value can come from learning and growing along with shifts in the industry.

Cybersecurity Risks in the Construction Industry

While risks to cybersecurity in any industry can be unpredictable, there are a number of areas that are usually at the highest level of risk, especially when it comes to the construction industry in Canada. Employee info, such as bank details and government information and documents, is always at significant risk for data and identity theft, as well as confidential information in employee contracts. In addition, company information, including material prices and profit and loss reports, are also at risk of being compromised or stolen, as well as private information regarding current and future projects and their documentation.

Those who have experience in Canada’s construction industry, such as Semion Kronenfeld, recognize the importance of keeping this kind of information safe, and how critical it is to familiarize yourself with vulnerabilities in order to plan ahead for maintaining their safety.

How Security is Targeted in the Cyber Space

One of the most pervasive ways in which company security is targeted in the construction industry is through the use of malware and ransomware, which aims to destroy computer systems and programs, as well as steal sensitive and confidential data from your projects and employees. In addition, phishing is commonly used to extract personal information from employees by posing as someone that would generally be trusted, such as a partnering corporation or local organization.

Another major way that data and security can be targeted is through the lack of adequate password security, along with outdated company software and cloud services opening up possibilities for attackers to compromise your sensitive information.

Protecting Your Company’s Cybersecurity

When it comes to protecting confidential company information in the construction industry, the ability to be proactive and take the proper precautions needed ahead of time is crucial. The first step in this process is to invest in cyber insurance to cover any potential losses or damages, as well as to improve employee awareness and understanding of risks to their information and security. It is also critical to have an IT department on hand that is able to investigate any incoming threats and alert the company.

Employee training on recognizing risks and implementing solutions, as well as improving company security measures, such as password strength, is key.

As a general rule, the ability to take action quickly and always be alert of changes to data protection and company security can mean the difference between profit and loss for your company. For experts such as Mr. Kronenfeld, these measures are not an afterthought, but instead one of the first considerations taken when assessing the future of any construction company.