New desk research by NordLocker shows construction is the No. 1 industry hit by ransomware, according to www.forconstructionpros.com.
An analysis of 1,200 companies globally that were hit by cyber extortion between 2020 and 2021 revealed where ransomware is the most widespread. Of 35 identified industries, the highest number of ransomware attacks was in the construction sector.
The 93 companies affected in the construction industry range from businesses consulting on projects worth $20 billion to small family-owned businesses. The construction business could be attractive to cyber criminals because of the industry’s time-sensitive processes.
“The reputation of firms in this industry is largely built upon on-time service delivery, which is at risk during any delays caused by ransomware attacks,” said Oliver Noble, a cybersecurity expert at NordLocker. “This factor, together with the industry’s razor-thin profit margins, provides the ransomware groups with conditions that make a payout more likely.
“Additionally, the industry could be a tempting target to ransomware gangs because of its relatively traditional business model, which is to a large degree yet to implement advanced cybersecurity solutions,” he continued.
Noble offers the following cybersecurity tactics to help protect your business.