As the cloud has become more prevalent in construction, so have the risks associated with cloud-based systems. Construction organizations must be aware of the potential cyber risks in order to properly protect their data and operations.
According to Cybersecurity Ventures, a study by Safety Detectives found that construction firms were the third most common industry to experience ransomware attacks in 2021. Learning what these risks are and understanding not only what the cyber risks are but how to properly mitigate them is critical in today’s digital landscape.
What Are The Cyber Risks Associated With The Cloud?
There are a number of cloud-based cyber risks that construction organizations should be aware of – the first step is acknowledging that these risks exist and the second is taking a proactive approach to mitigating these risks in order to protect your organization. Keep in mind that not all of these cyber threats are exclusive to the cloud, but the cloud can exacerbate them.
A data breach is when confidential or sensitive information is accessed without authorization. This can happen when hackers gain access to cloud-based systems or when construction employees accidentally share data with unauthorized individuals.
According to Statista, during the second quarter of 2022, internet users worldwide saw approximately 52 million data breaches.
It’s a high risk due to the sensitivity of the information organizations often deal with – such as project plans, budgets, and client data. A data breach can lead to a loss of revenue, damage to reputation, and legal action.
Ransomware is a type of malware that encrypts data and prevents users from accessing it unless they pay a ransom. This can be a serious problem for construction organizations as it can result in the loss of important project data. Losing that data could mean delays or even a complete halt to construction projects.
Coverware reported that the average ransom payout increased by 8% from Q1 2022 to $228,125. Managed backups are one of the best ways to protect against ransomware attacks – by having a recent backup, you can restore your data if it’s encrypted. cloud-based backups can be an effective way to protect against ransomware in your organization as they can be stored off-site and accessed quickly if needed.
Construction organizations must comply with a number of industry regulations, such as the Occupational Safety and Health Administration (OSHA) standards. If data is not properly protected, it can lead to compliance issues. If organizations don’t comply, they can face fines, legal action, and damage to their reputation.
How Can Praxis Help Mitigate These Cyber Risks?
By taking a pro-active approach and partnering with a managed IT services team like Praxis that specializes in supporting construction firms you are more likely to stay safe from cloud-based cyber risks.
Migrating to the Cloud
Praxis can help organizations migrate their data and operations to the cloud. This can help reduce the risk of data breaches and ransomware attacks, keeping your organization’s data safe and secure and ultimately, saving you lots of money that would’ve been needed for recovery. Cloud computing is a cost-effective option for construction firms of all sizes looking for a secure option for storing data, boosting collaboration and team productivity.
Praxis can provide managed backup services tailored to your business needs that can help protect data in the event of a ransomware attack. Managed backup means that your data is stored off-site and can be quickly accessed if needed. This can help minimize the impact of an attack and get your organization back up and running quickly without major delay.
Meeting Compliance Standards
Praxis can help organizations with compliance-related issues, such as data security. By working with Praxis, you can be sure that your organization is compliant with all relevant regulations. This can help avoid costly fines and legal action, allowing the experts to keep you safe with their knowledge.
Partner with Praxis for Comprehensive Construction IT Support
Praxis is here to help organizations in the digital landscape. By understanding the risks associated with cloud computing and knowing how to mitigate them, construction organizations can protect their data. Give the team at Praxis a call today and see if the cloud is right for your construction firm.