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 | Oct 21, 2016
Green Bond Guidelines for the Real Estate Sector updated
The market growth is a signal of future opportunities.
Codes and Standards | Oct 20, 2016
What top-ranked energy efficiency states are doing right on codes, utility mandates
Calif., and Mass., use aggressive targets to lead nation.
Codes and Standards | Oct 20, 2016
New cross-laminated timber fire tests back proponents of high-rise wood structures
'Demonstrating for the first time the feasibility of tall mass timber buildings in the U.S.’
Codes and Standards | Oct 14, 2016
ASCE issues first tsunami-safe building standards
The new standards will become part of international building code.
Codes and Standards | Oct 12, 2016
Making concrete greener
The high energy-consuming material can be made more sustainably.
Codes and Standards | Oct 11, 2016
Historic preservation moving beyond saving grand old buildings
National Trust for Historic Preservation CEO says the focus is on saving cities, not just buildings
Codes and Standards | Oct 10, 2016
Los Angeles voters will decide whether high-density developments should be harder to build
A March vote on the Neighborhood Integrity Initiative would put 2-year ban on zoning changes
Codes and Standards | Oct 10, 2016
New sustainable landscape development and management credential launched
GBCI offered the first testing opportunity Oct. 3 at Greenbuild
Codes and Standards | Oct 6, 2016
Obama administration will spend $80 million for smart cities initiatives
The technology is targeted for climate, transportation, resiliency.
Codes and Standards | Oct 6, 2016
New York City files criminal charges on owner for deadly building façade accident
The owner allegedly did not heed warning about danger of the crumbling exterior.