Contractors in the Crosshairs
Nick Fortuna, Contractor Magazine
Last year, hackers launched thousands of ransomware attacks per day, resulting in more than $20 billion in losses for businesses, according to NordLocker, which provides encryption software integrated with cloud storage. Successful attacks often go unreported because businesses are embarrassed to have been hacked.
Construction firms are attractive targets for several reasons, including the large amounts of money typically involved in high-profile projects, according to Kyle P. Murphy, assistant vice president and claims counsel at IAT Insurance Group, a member of multiple AGC chapters. His company issues performance and payment bonds to construction companies.
While large construction firms may have robust IT teams in place, smaller companies often lack the resources to ward off attacks, making them especially vulnerable, Murphy says.