Fraud, cyber attacks, and security risks continue to plague the construction, engineering and infrastructure sector at high levels, according to senior corporate executives surveyed worldwide for the 2017/18 Kroll Annual Global Fraud & Risk Report.
The survey by the risk solutions provider found that 83% of respondents experienced at least one fraud incident in 2017. Nearly all (93%) reported a cyber incident, and 67% reported some other kind of security incident.
Information theft, loss, or attack was the most prevalent type of fraud experienced in the sector, cited by 33% of respondents, up 15 percentage points from 2016. Regulatory or compliance breach was second on the list, reported by 30% of executives, almost twice the reported incidence in last year’s survey (18%).
Physical theft or loss of intellectual property (IP) was the most prevalent type of security incident, with 43% saying their organizations fell victim to these crimes. “There is a convergence between physical and digital threats, with issues arising from equipment with sensitive data being stolen or lost, for example, or employees with access to highly sensitive information accidentally or intentionally causing a breach,” said Jason Smolanoff, senior managing director and global cyber security practice leader for Kroll.
Related Stories
Codes and Standards | Sep 1, 2017
U.S. markets with the largest hotel construction pipeline
New York has the largest hotel construction pipeline of any U.S. market.
Codes and Standards | Aug 30, 2017
Trump rescinds elevation requirements for federally funded buildings and infrastructure
Flood protection on subsidized housing, hospitals, and other public buildings rolled back.
Codes and Standards | Aug 30, 2017
Stormwater runoff mitigation pays off for some building owners
Rain gardens, green roofs, cisterns, and rainwater recycling add value.
Codes and Standards | Aug 28, 2017
Commercial properties address state carbon-reduction policies
EV charging stations, batteries, and microgrid technology are all part of effort to meet demand for cleaner power.
Codes and Standards | Aug 24, 2017
OSHA silica dust exposure enforcement begins Sept. 23
Vacuum dust collection, water-delivery systems, and respirators will be required.
Codes and Standards | Aug 18, 2017
Cool roofs may increase air pollution
California’s requirement for cool roofs on new non-residential buildings could promote smog.
Codes and Standards | Aug 17, 2017
Black market sales of OSHA training certifications plague New York City construction industry
Task force formed to get fake training cards off the streets and workers properly trained.
Codes and Standards | Aug 16, 2017
Big changes coming to Ontario building code
Proposals include solar-ready roofs, more stringent heating/cooling efficiency requirements, and graywater reuse.
Codes and Standards | Aug 15, 2017
ASHRAE certifications recognized by DOE as meeting Better Buildings Workforce Guidelines
Two of six such certifications are ASHRAE programs.
Codes and Standards | Aug 14, 2017
New edition of AISC Steel Construction Manual now available
Includes the 2016 Specification for Structural Steel Buildings.