[BreachExchange] Ransomware attack on Canadian contractor underscores need for cybersecurity

[Destry Winant]

https://www.bdcnetwork.com/ransomware-attack-canadian-contractor-underscores-need-cybersecurity

A recent ransomware attack on Canadian contractor Bird Construction
serves as a reminder to the industry of the importance of
cybersecurity.

Canadian media reported a few weeks ago that the Ontario-based
contractor was the victim of a digital incursion that resulted in the
encryption of company files. There were no major impacts and the
affected files were quickly restored, but the incident underscored the
risks for contractors during a time when data is more valuable and
relied upon than ever by the industry.

Data including employee social security numbers, building plans, and
construction time frames can be exploited, resulting in legal fees and
punitive damages. All organizations that collect and process this data
are required to exercise measures to protect it.

Also at stake are the potential loss of client trust and competitive
advantage. Damages from such events are hard to quantify, but can be
substantial. A lot of construction industry leaders are not aware how
valuable their data is, and fail to invest properly in cybersecurity.