In a time when digital transformation is reshaping the construction industry, adopting software and technology has become the cornerstone for efficiency, innovation, and competitive advantage.
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However effective and strategic this digital shift has been, it also introduces new vulnerabilities, making data security paramount. According to Kroll, from 2019 to 2020, data breaches in construction increased 800%.
With the digitalization of an industry comes abundant sensitive project details, financial information, and personal data, which presents a lucrative target for cyber threats. The importance of robust data security measures cannot be overstressed, especially the need to partner with companies that boast certifications like SOC 2 Type II, a testament to their commitment to data security and operational excellence.
Understanding SOC 2 Type II Certification
Systems and Organization Control (SOC) 2 Type II certification is not just a badge. It’s an intensive, comprehensive evaluation of a company’s information security measures, focusing on five trust principles:
- Security
- Availability
- Processing integrity
- Confidentiality
- Privacy
A SOC 2 Type II report indicates that a company implements robust security policies and consistently follows them over time, ensuring its commitment to data protection. For the construction industry, where project timelines and budgets are tightly bound to data integrity and availability, choosing a SOC 2 Type II certified partner is critical in a risk mitigation strategy.
The cost of data breaches in construction
The construction industry is not immune to cyber threats, with several high-profile breaches highlighting the vulnerability and potential consequences of inadequate data security measures.
Financial, health, and personal information exposed
A breach at Meriton, a prominent property giant, exposed sensitive information of staff, including financial, health, and employment details. The cyberattack compromised 35.6 gigabytes of data, affecting approximately 1,900 individuals. This incident not only underscores the breadth of data types that can be exposed in a breach but also the lasting impact on an organization’s reputation and the trust of its employees and clients.
Insider threat leads to data theft
The situation at Williams Company Management Group highlights an often-overlooked aspect of cybersecurity: the insider threat. An ex-employee, upon resignation, illegally downloaded and stole a vast array of confidential information, including bank statements, tax returns, and sensitive employee 401(k) data. This breach exposed the company to financial risk. It jeopardized the privacy and security of its team’s personal information, highlighting the need for strict access controls and monitoring of sensitive data.
The benefits of SOC 2 Type II Certification in construction
Partnering with SOC 2 Type II certified companies in the construction industry offers several advantages:
- Enhanced Data Security: Certified partners have proven security measures in place to protect sensitive information from unauthorized access and cyber threats.
- Increased Reliability and Availability: Certification ensures that systems and data are available when needed, minimizing downtime and ensuring project continuity.
- Risk Management: Working with certified partners reduces the risk of data breaches, helping to safeguard your company’s reputation and financial health.
- Compliance and Trust: Certification demonstrates a commitment to data privacy and compliance, fostering trust among clients and stakeholders.
Strengthening cybersecurity in construction
As the construction industry continues to evolve in the digital age, the security of software and technology becomes increasingly critical. Data breaches can have devastating consequences, from financial losses to project delays and reputational damage. Choosing partners with SOC 2 Type II certification is not just a precaution; it’s a strategic decision that underscores a commitment to data security, operational reliability, and trust. Construction companies can build a more secure, efficient, and resilient future by prioritizing partnerships with certified providers.
At Bridgit, we treat our customer’s data as our own and are proud to be SOC 2 Type II certified. To learn more about our commitment to keeping the construction industry’s data safe and secure, visit our security and compliance overview.
