Cybersecurity is becoming an increasingly critical aspect in various industries, including the building sector. As more buildings are designed with advanced technological features, the need to protect them from cyber threats has never been more important. In this blog post, we will explore key statistics related to cybersecurity in the building industry, providing insights into the current landscape and highlighting the importance of prioritizing cybersecurity measures in construction and building management.
The Latest Cybersecurity In The Building Industry Statistics Explained
The global cybersecurity in the construction industry market was valued at around $10.34 billion in 2020 and is expected to reach $26.95 billion by 2027.
The statistic indicates that the global cybersecurity market within the construction industry was valued at approximately $10.34 billion in 2020 and is projected to grow significantly to reach $26.95 billion by 2027. This substantial growth forecast suggests a rising awareness and investment in cybersecurity measures within the construction sector to protect against cyber threats and data breaches. The increasing digitization and interconnectedness of construction processes and systems highlight the importance of robust cybersecurity solutions to safeguard sensitive data, intellectual property, and critical infrastructure within the industry. The anticipated growth in market value reflects the escalating demand for effective cybersecurity solutions in the construction sector to mitigate risks and ensure the resilience of digital assets and operations.
Almost 75% of construction firms experienced a cyber incident in 2020.
The statistic ‘Almost 75% of construction firms experienced a cyber incident in 2020’ indicates that a significant proportion of construction companies encountered cybersecurity breaches or incidents during the year 2020. This suggests that the construction industry is particularly vulnerable to cyber threats and highlights the importance of cybersecurity measures within this sector. The high incidence of cyber incidents could have serious implications for these firms, such as financial losses, reputational damage, and potential disruptions to their operations. It underscores the critical need for construction companies to prioritize cybersecurity efforts and invest in robust safeguards to protect their sensitive data and systems from cyber threats.
About 60% of all builders are increasing their investments in cybersecurity over the next year.
The statistic that about 60% of all builders are increasing their investments in cybersecurity over the next year suggests a growing awareness and prioritization of digital security within the construction industry. This trend can be attributed to the increasing digitization of operations, the rise in cyber threats targeting the sector, and the recognition of the potential financial and reputational risks associated with data breaches and cyberattacks. By proactively investing in cybersecurity measures, builders aim to safeguard their sensitive information, intellectual property, and business operations, ultimately enhancing resilience and ensuring long-term sustainability in an evolving digital landscape.
Construction companies lost an average of $1.08 million per cyber incident in 2020.
The statistic “Construction companies lost an average of $1.08 million per cyber incident in 2020” suggests that, on average, construction companies experienced significant financial losses as a result of cyber incidents such as data breaches or cyberattacks in the year 2020. This statistic highlights the potential financial impact of cyber threats on the construction industry, underscoring the need for robust cybersecurity measures to protect sensitive information, infrastructure, and operations. The substantial financial loss per incident indicates the importance of investing in cybersecurity defenses and preparedness to mitigate financial risks and safeguard business continuity in the construction sector.
Since 2016, almost half of all cyber attacks in the construction industry were in the form of phishing attacks.
The statistic indicating that almost half of all cyber attacks in the construction industry since 2016 were in the form of phishing attacks highlights a significant trend in cybersecurity threats faced by organizations within the construction sector. Phishing attacks involve malicious attempts to deceive individuals into providing sensitive information such as login credentials or personal data by posing as reputable entities. The high prevalence of phishing attacks indicates that cybercriminals have increasingly targeted the construction industry through deceptive means, posing risks to data security and operations within construction firms. This statistic underscores the critical importance of implementing robust cybersecurity measures, including employee training and technological safeguards, to mitigate the impact of phishing attacks and enhance overall cyber resilience in the industry.
US companies in the building industry lose an estimated $1 billion annually due to cybercrime.
The statistic that US companies in the building industry lose an estimated $1 billion annually due to cybercrime highlights the substantial financial impact cyber threats have within this sector. Cybercrime in the form of data breaches, ransomware attacks, and other malicious activities can lead to significant financial losses through various means, including stolen funds, disrupted operations, reputational damage, and regulatory fines. The $1 billion annual loss serves as a stark reminder of the importance for companies operating in the building industry to prioritize cybersecurity measures such as robust data protection protocols, employee training, and regular security assessments to safeguard against cyber threats and mitigate potential financial repercussions.
Only 38% of global organizations believe they are prepared to handle a sophisticated cyber attack.
The statistic that only 38% of global organizations believe they are prepared to handle a sophisticated cyber attack highlights a significant concern in the current landscape of cybersecurity readiness. This suggests that the majority of organizations may lack confidence in their ability to effectively defend against and mitigate complex cyber threats. Such findings underscore the urgent need for businesses to prioritize investing in robust cybersecurity measures, adequate training for employees, and proactive incident response plans to enhance their cyber resilience and minimize the risk of falling victim to cyber attacks. The statistic serves as a stark reminder of the increasing sophistication and frequency of cyber threats faced by organizations worldwide and emphasizes the critical importance of being adequately prepared to safeguard sensitive data and maintain operational continuity.
More than 25% of construction firms acknowledge a lack of understanding when it comes to cybersecurity risks.
This statistic indicates that a significant portion of construction firms, specifically more than 25%, admit to having a deficient understanding of cybersecurity risks. This finding suggests a concerning gap in knowledge and awareness regarding potential cyber threats within the construction industry, which could leave these firms vulnerable to cyberattacks. Without a solid grasp of cybersecurity risks, construction companies may be inadequately prepared to protect themselves against data breaches, hacking, and other cyber threats that could jeopardize their operations, financial stability, and reputation. Addressing this lack of understanding through education and investment in cybersecurity measures is crucial for enhancing the overall resilience and security of construction firms in today’s digitally connected world.
46% of organizations have experienced at least one cybersecurity scare since the start of COVID-19.
The statistic stating that 46% of organizations have experienced at least one cybersecurity scare since the start of COVID-19 indicates a significant level of vulnerability within the business sector during the pandemic. This figure suggests that a large proportion of organizations have encountered potential threats or breaches in their cybersecurity defenses, potentially resulting in data breaches, financial losses, or disruptions to operations. As remote work and online activities have increased due to the pandemic, organizations may have become more susceptible to cyber attacks, highlighting the importance of implementing robust cybersecurity measures to safeguard sensitive information and mitigate risks in the digital landscape.
By 2025, IoT technology applied to building systems will grow to a $351 billion market.
The statistic indicates that the market for Internet of Things (IoT) technology specifically implemented in building systems is projected to increase substantially by the year 2025, reaching a value of $351 billion. This growth reflects the increasing adoption of IoT solutions in building management, automation, and security systems. As buildings become more connected and smarter, utilizing IoT technology enables greater efficiency, cost savings, and improved functionality. The significant market size forecasted highlights the importance and potential impact of IoT applications within the building industry, driving innovation and transformation in how buildings are designed, constructed, and operated.
34% of data breaches in 2019 involved inside actors.
The statistic ‘34% of data breaches in 2019 involved inside actors’ suggests that nearly one-third of cybersecurity incidents that resulted in unauthorized access to sensitive information were caused by individuals within the organization. This could include employees, contractors, or other insiders who abused their access privileges, knowingly or unknowingly, to compromise data security. The high percentage indicates that organizations face significant risks from within and highlights the importance of implementing robust internal security measures, such as access controls, employee training, and oversight, to protect against insider threats and safeguard sensitive data from unauthorized access.
It is estimated that Cybersecurity threats targeted at smart buildings will cost businesses $50 billion by 2023.
This statistic indicates that the projected financial impact of cybersecurity threats on smart buildings is estimated to reach $50 billion by the year 2023. Smart buildings, equipped with connected devices and technology for automation and control, are increasingly vulnerable to cyber threats such as hacking, data breaches, and system malfunctions. The anticipated cost to businesses highlights the significant economic repercussions of inadequate cybersecurity measures in the smart building industry. As businesses continue to rely on these technologies for operational efficiency and productivity, safeguarding against cyber threats becomes a pressing concern to mitigate potential financial losses and protect critical infrastructure.
62% of all breached organizations were targeted due to their engineering or architectural drawings.
The statistic that 62% of all breached organizations were targeted due to their engineering or architectural drawings highlights a significant trend in cybersecurity threats. This suggests that cybercriminals are specifically targeting organizations with valuable intellectual property in the form of technical designs and blueprints, likely for industrial espionage or for selling such information on the black market. The high percentage indicates that organizations in the engineering and architectural sectors are particularly vulnerable to cyberattacks and need to prioritize robust cybersecurity measures to safeguard their sensitive information. This statistic underscores the importance for these organizations to invest in cybersecurity defenses and employee training to mitigate the risks associated with targeted attacks on their valuable design assets.
In 2019, 86% of firms in the construction industry experienced a phishing incident.
The statistic “In 2019, 86% of firms in the construction industry experienced a phishing incident” indicates that a large majority of construction businesses were targeted by phishing attempts over the course of that year. Phishing is a type of cyber attack where perpetrators use fraudulent emails or messages to deceive individuals into providing sensitive information or accessing malicious websites. The high percentage suggests that construction firms are particularly vulnerable to such attacks and may not have robust cybersecurity measures in place to effectively prevent or mitigate phishing incidents. This highlights the importance of improving awareness and implementing security protocols to protect sensitive information within the construction industry.
Only 36% of construction companies, surveyed in 2020, have a formal cybersecurity training program.
The statistic indicates that a relatively low percentage, specifically 36%, of construction companies had implemented a formal cybersecurity training program as of 2020 based on a survey. This suggests that a significant portion of construction companies may not be adequately prepared to address cybersecurity threats and protect their digital infrastructure. The lack of a formal training program could leave these companies vulnerable to cyber attacks, potentially risking sensitive data, financial losses, and reputational damage. Given the increasing frequency and sophistication of cyber threats, it is crucial for construction companies to prioritize cybersecurity measures, including providing employees with the necessary training and resources to mitigate risks effectively.
About 58% of cyber attacks target small businesses, many of which operate in the building industry.
This statistic highlights that a significant proportion, specifically about 58%, of cyber attacks are directed towards small businesses, with a particular emphasis on those operating within the building industry. This suggests that small businesses, often lacking the resources and expertise of larger corporations, are particularly susceptible to cyber threats. The emphasis on the building industry further underscores the vulnerability of businesses in specific sectors to targeted cyber attacks. This statistic underscores the importance of small businesses in the building industry taking proactive measures to enhance their cybersecurity defenses to mitigate risks and protect sensitive data and assets from potential breaches.
Non-compliance with cybersecurity regulations has cost companies an average of $14.82 million annually.
The statistic stating that non-compliance with cybersecurity regulations has cost companies an average of $14.82 million annually indicates the financial impact of failing to adhere to established cybersecurity guidelines and standards. This figure reflects the monetary losses incurred by organizations due to not meeting regulatory requirements, which can lead to data breaches, cyber attacks, legal penalties, and reputational damage. The significant financial burden of non-compliance underscores the importance of prioritizing cybersecurity measures to protect sensitive information, maintain trust with customers, and mitigate potential financial risks associated with cyber threats. Organizations that invest in robust cybersecurity practices and ensure compliance with regulations can potentially avoid such substantial financial losses and safeguard their assets and reputation in an increasingly digital and interconnected world.
The average cost of a ransomware attack on businesses is predicted to be $20,000 in 2021.
The statistic that the average cost of a ransomware attack on businesses is predicted to be $20,000 in 2021 represents the projected financial impact of cyberattacks involving ransomware on organizations. This figure encompasses the costs associated with various aspects of ransomware attacks, such as ransom payments, financial losses due to downtime, data recovery and remediation expenses, legal and regulatory fees, and reputational damage. The prediction of a $20,000 average cost provides insight into the potential financial risks that businesses face from cyber threats and highlights the importance of implementing robust cybersecurity measures to mitigate the impact of ransomware attacks.
91% of cyber-attacks begin with a spear-phishing email, commonly targeting construction industry organizations.
The statistic presented indicates that a significant proportion (91%) of cyber-attacks in the construction industry originate from spear-phishing emails, underscoring the importance of email security measures within organizations operating in this sector. Spear-phishing involves targeted email scams that aim to deceive individuals to divulge sensitive information or download malicious attachments. The construction industry appears to be a prime target for such attacks, possibly due to the presence of valuable data, financial transactions, or limited cybersecurity protocols. Organizations within the construction industry should prioritize employee training on identifying phishing attempts, implement robust email filtering systems, and regularly update security measures to mitigate this prevalent threat.
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