Chubb has issued an advisory entitled New Business Models, Technology Raise Professional Liability Risks for Contractors, outlining the risk of cyber threats associated with new technology used in the construction industry. Even if all the technology your company uses is email and texting, this advisory is important to you.
Chubb says much of the interest showing is in data that is stored in the cloud - either maintained by a data storage provider or an in-house data storage cloud - that is networked to contractor and its affiliates. BIM (building information modeling) software used by design/build contractors are a valuable target for hackers because building plans and project files can be sensitive.
According to Chubb, “Hackers have reportedly shown interest in building designs in recent years, and sophisticated malware that targets computer-aided design CAD) programs has been identified.”
Think in terms of infrastructure designs or industrial control designs. In the wrong hands, that data can be dangerously misused. Financial information and contract agreements carry data that can quickly escalate into costly problem. With so many parties, such as the project owner, GC, architect, and subcontractors, using integrated project delivery (IPD) to collaborate on a build, the opportunity for proprietary and confidential data security failures grow.
And because cyber crime often takes the form of email and social engineering techniques, cracking into the contractor's data is deceptively simple.
The Chubb advisory, New Business Models, Technology Raise Professional Liability Risks for Contractors offers information on the current state of cyber risk, some excellent discussion points for liability risk, legal considerations if your data is hacked, and a list of 12 resources to get deeper information.
This is a good read and well worth your time.