by AXA XL on Feb 6, 2019
Today’s construction operations are deeply reliant on technology. Drones inspect jobsites and return results to cloud-based databases. Wearable technology alerts workers to jobsite hazards. Technology solutions such as virtual reality, augmented reality, connected jobsites and advanced tracking help site managers better manage project outcomes and safety, and predict and mitigate risks.
Yet all of the technology comes with one overarching hazard—the possibility of a cyber breach. According to a 2018 study, companies in all industries share a 27.9-percent probability of experiencing a data breach involving 10,000+ records in any given 24-month period. While the number of reported data breaches in construction is relatively low, the cost of a data breach is not. In fact, the average cost per each record compromised in a data breach is $148. If a construction firm has a breach of 10,000 records, the costs are nearly 1.5 million.