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
| May 3, 2012
Innovative wastewater treatment helps achieve LEED rating
LEED for New Construction, Neighborhood Development and the LEED Volume Program offer some ways to achieve LEED points when dealing with wastewater treatment.
| Apr 26, 2012
Lack of bolts on steel support caused collapse at Cincinnati casino
Too few bolts connecting horizontal steel support beams with vertical steel columns was the cause of January’s construction accident at Horseshoe Casino Cincinnati, according to the report of the Occupational Safety and Health Administration.
| Apr 26, 2012
OSHA criticized for taking too long to roll out safety rules
The Occupational Safety and Health Administration takes far too long to adopt new safety regulations compared to other agencies’ development of rules, safety experts said during a Senate hearing.
| Apr 26, 2012
Contractors fear that GSA scandal will lead to fewer federal construction contracts
In the wake of the recent scandal at the General Services Administration in which workers spent lavishly at a Las Vegas conference, a spokesman for Associated General Contractors of America said contractors are worried the scandal will result in cuts to GSA's construction and renovation budgets.
| Apr 26, 2012
Developers can use LEED wastewater credits to help gain approvals in environmentally sensitive locales
Those wanting to pursue development in heavily regulated and environmentally sensitive areas are benefiting by designing projects that qualify for LEED points, even if the project as a whole does not achieve certification.
| Apr 26, 2012
New York City Council moves to license elevator mechanics
New York’s City Council introduced a measure last week that would require the city’s 7,000 elevator mechanics to meet national standards and be licensed by the city.
| Apr 23, 2012
AAMA releases updated specification for anodized aluminum
AAMA 611-12 describes test procedures and requirements for high performance (Class I) and commercial (Class II) architectural quality aluminum oxide coatings applied to aluminum extrusions and panels for architectural products.
| Apr 19, 2012
Michigan legislature tackling controversial rules on electricians
A fight is brewing in the Michigan legislature over how many fully qualified electricians must be present during electrical work when apprentices also are on hand.