The Importance of Security Investments in Construction
4 Minute Read
As more construction companies integrate technology into their businesses practices, security and data privacy has become a critical component.
It’s not just about protecting your business interests, but your clients as well. Hackers are getting smarter, shiftier, and faster. In 2016, cybercrime resulted in more than two billion stolen personal records and upward of $450 billion in global costs.
So what does this have to do with construction companies? Quite a bit.
“Why would hackers in other countries care about my contracting business?” you may think. The fact is, they don’t. Malicious hackers care about who you work with, who your clients are — schools, airports, universities, hospitals, government agencies — and the records that you inadvertently may have access to.
Security investments matter
In 2013, Target experienced a massive data breach that compromised 110 million credit and debit cards. After much research, it was determined that an HVAC and refrigeration contractor was the open door to Target’s data. The hackers found their way into Target's corporate network by compromising this third-party vendor by way of a phishing email. The contractor’s company used a free malware service as its security platform.
Gregg Schoppman of Viewpoint partner FMI emphasizes the importance of being good custodians of our own data and our clients’ data, as well as how the role of IT departments and risk management has changed. Once in charge of computer hardware and safety protocols, respectively, risk departments and IT now deal with cyberthreats, security compliance, and more.
Schoppman advises that companies need someone internally to integrate new technology effectively. It’s imperative that contractors be good stewards for their clients and create strategic solutions that help deal with threats.
A dedicated technology officer can be your technology hero.
Is it time for a CTO?
When construction companies are working on billion-dollar jobs for clients that possess massive amount of data, it’s important to make sure the clients’ information is safe. Clients will walk away if you can’t ensure their assets and customers are being protected.
A chief technology officer, VP of technology, IT and risk manager, or whatever your firm chooses to call it, can prioritize the security of your business to protect infrastructure and sensitive data. And it’s not just about data security. Having someone at the helm of technology can safeguard your company’s reputation and business growth.
A dedicated technology position can also help your construction business grow. Technology evolves at lightning speed. A CTO can proactively guide your business through upgrades, enhancements, new software platforms, and more. This person can also work on data analysis to derive business insights and increase productivity throughout your projects and jobs.
Not all businesses are poised to hire a dedicated technology team, but it’s important to determine what cybersecurity means to your business. There’s so much information being communicated back and forth that the safety and protection of this data should be top of mind.
Viewpoint Enterprise Cloud provides a hosted cloud software solution that gives you the ability to have complete visibility of your business from any device, you can stay in control of projects, budgets, timelines, and more. Viewpoint Enterprise Cloud ensures worry-free hosting with secure data storage and backup. Viewpoint’s platform architecture uses sophisticated authentication systems to guarantee security. Data is never stored on public-facing web servers, but within a private single-tenant environment. This provides another layer to a solid, secure solution.