Engineering Companies Face Large Cybersecurity Challenges

Statistically, human error is the leading cause of companies getting hacked.

Stanford University and a cyber security firm conducted a study demonstrating that 88% of data breaches are caused by employees clicking on hackers' emails thinking they came from a legitimate source or company executive.

As many employees in a company have access to critical documents and data that may need to be shared with subcontractors, hackers and social engineers are more likely to insert themselves in the middle and commit fraud.

A number of risk management firms report that engineering companies are the number one target of hackers as they have difficulty identifying and quantifying their cyber exposure or developing plans to mitigate it.

Cyber security risks were also experienced by 63% of respondents in the engineering, construction, and infrastructure industry in the past year. According to the survey, over 75% of respondents in the past year also encountered various forms of cybercrime including phishing, worm viruses, and data deletion with customer files as the primary target.

What should Engineering Firms do about cybersecurity risk?

A cybersecurity risk assessment can be a good starting point for engineering leadership.

You will learn the following from a cybersecurity risk assessment:

• Which defenses are working well. It builds confidence that some cybersecurity defenses are effective.
• What defenses need to be strengthened. An action plan based on those findings reinforces specific cybersecurity defenses.
• There are no potential defenses. Additional cybersecurity defenses will be discussed based on these items. There is no need for organizations to address all the items on the list in order to reduce cybersecurity risks.

By focusing on specific, granular actions, management can assess the value and cost of cybersecurity in a more precise and concrete manner.

Your organization's cybersecurity defenses can be significantly enhanced by acting on the findings of a competently conducted cybersecurity risk assessment.

Alarming Statistics for Cybersecurity Threats Against Engineering Firms

An engineering firm's average data breach cost is $400,000.

• Cyber attacks have affected approximately 60% of engineering companies in the last year.
• The smaller the engineering firm, the less robust its cybersecurity defenses usually are.
• An unreported actor attacked Black & McDonald, a Toronto-based engineering company, in March 2023. Considering that the company works on military bases and electricity generation plants, the attack posed a significant threat to Canada's national security.

When discussing cybersecurity threats to engineering firms with Calvin Engen , CTO at F12.net , he stated "Cybersecurity is a strategic imperative for engineering firms, safeguarding sensitive data, intellectual property, and infrastructure projects. A breach can lead to significant financial and reputational damage. Investing in robust cybersecurity measures is essential for these firms to protect their assets, ensure business continuity, and maintain a competitive edge."

Engineering Companies Face Large Cybersecurity Challenges Conclusion

It is important for engineering firms to take proactive cybersecurity measures considering the rising costs associated with cyber threats. As well as protecting financial assets, robust defenses ensure the continued operation of the business and maintain customer trust. Cybersecurity must be a top priority for engineering firms as threats evolve. As a result, they can navigate the digital landscape with confidence and peace of mind.

Our industry-leading Cyber Security program is designed to robustly defend our clients against these threats.

Our Network and Security Assessment will test your ecosystem against other Canadian managed IT services providers. 365 iT SOLUTIONS powered by F12.net is award-winning provider that provides Managed IT, Tech Support, Cloud Services, and Cyber Security.

Stay safe and secure online.

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