According to research from NordLocker, ransomware targets construction companies hardest out of 35 different industries. This information comes from an analysis of 1,200 global companies targeted by ransomware between 2020 and 2021.
The list of victims includes ninety-three construction companies, and not just small and mid-sized companies who lack sophisticated IT security. Big players made the list, like an unnamed Asia-based group worth $20 billion. These results led NordTracker to ask: Why construction?
"The reputation of firms in this industry is largely built upon on-time service delivery, which is at risk during any delays caused by ransomware attacks," says Oliver Noble, a cybersecurity expert at NordLocker, an encrypted cloud service provider. "This factor, together with the industry's razor-thin profit margins, provides ransomware groups with conditions that make a payout more likely.
"Additionally, the industry could be a tempting target to ransomware gangs because of its relatively traditional business model, which is to a large degree, yet to implement advanced cybersecurity solutions," he adds.
NordLocker advises construction companies to use strong and unique passwords and two-factor authentication. In addition, they recommend training staff to identify phishing techniques in emails. Implementing periodic data backup using an encrypted cloud service can also help thwart attacks.