The cybersecurity threat facing real estate and construction companies may be overshadowed by publicity around prominent attacks in other industries, but these sectors are equally at risk.
An intricate network of players, combined with the mobile nature of work in this vast ecosystem, make real estate and construction prime targets for cybercrime. The high volume of field-to-office communication and payment transactions creates a playground for criminals to unleash social engineering, phishing attacks and other scams to exploit people and steal information and money.
“While cyber liability insurance helps protect companies against financial loss in the event of an attack, education and cybersecurity measures should be the first line of defense,” says Chris Wetmore, an RSM principal and leader in the firm’s technology advisory practice. Construction workers and others in these fields often connect to open networks, unaware that they are putting critical information at risk, he says.
Employee awareness training represents the bare minimum for effective cybersecurity governance. Companies doing business in multiple states must also adhere to nationwide data privacy and protection laws. For government work, such as Department of Defense contracts, compliance with the Cybersecurity Maturity Model Certification (CMMC) 2.0 program is now a requirement. Meanwhile, real estate investors increasingly want to see controls in place to protect their financial information.
