Cyber threats and thefts are increasingly significant challenges for the construction industry, according to recent data.
- Cyber attacks accounted for nearly 6% of all incident responses from cybersecurity firm Kroll in the first quarter, doubling from the previous year.
- Theft of small tools was prevalent last year, reported by two out of five construction site workers as a major issue.
- Project initiation is on the rise in non-residential sectors, significantly boosted by hotel and leisure schemes.
- Economic concerns such as interest rates and inflation pose serious threats to businesses, affecting one in five contractors.
The construction industry is facing escalating challenges from cyber threats. According to the cybersecurity specialist Kroll, cyber attacks represented nearly 6% of all incident responses during the first quarter of this year. This marks a significant increase from the previous year, highlighting the industry’s vulnerability. Kroll attributes this rise to the nature of construction work, which involves multiple digital logins via mobile devices. This scenario increases susceptibility to phishing attacks, particularly when employees access emails on the go.
In parallel, theft remains a considerable concern within the construction sector. A survey conducted with 500 site workers revealed that small tools were notably targeted, with nearly two in five respondents indicating these as the most stolen items. This underscores a persistent security issue that impacts productivity and operational costs across sites.
Despite the challenges posed by theft and cyber threats, the initiation of projects within non-residential sectors is seeing an uptick. The hotel and leisure sector, in particular, experienced a rise in project starts by 11% in the three months to April compared to the preceding three months. This growth is a positive indicator for the industry’s expansion efforts amidst prevailing challenges.
Economic pressures are also critical concerns for the construction industry. A survey among main contractors, subcontractors, and suppliers identified interest rates and inflation as primary threats to business sustainability. One in five participants emphasized these financial factors as their biggest concern, underlining the ongoing economic volatility that businesses must navigate.
The construction industry must address these challenges with strategic resilience to secure its future growth.
