Cybercrime on the Rise: Middle East Construction Sector Hit Hard
The Impact of Cybercrime
A recent survey has revealed that over half of respondents believe that investigative capabilities have a significant impact on cybercrime, while 26% said it has a slight impact. Moreover, 52% of respondents said that a company’s financial investment in cybersecurity significantly affects cybercrime, and 39% said it had a slight effect.
Policies and Procedures Lagging
According to the survey, only 48% of respondents confirmed having policies and procedures in place to deal with cybercrime, indicating a potential oversight of this facet of cybersecurity in certain companies. Furthermore, 30% of respondents did not know or were unsure about their company’s approach to cybercrime prevention and response.
COVID-19’s Impact on Cybercrime
The COVID-19 pandemic has had a significant impact on the construction sector, with:
- 29% of respondents reporting a significant increase in crime
- 51% reporting a slight increase
Despite this, only 13% of respondents reported that their businesses significantly changed existing cybercrime prevention measures due to the pandemic.
Increased Vulnerability
The survey also found that COVID-19 has increased the vulnerability of construction businesses to cybercrime, with:
- 15% of respondents reporting a significant increase in vulnerability
- 67% reporting a slight increase
Types of Cybercrimes Experienced or Observed
According to the survey, the most commonly experienced or observed types of cybercrime are:
- Phishing and social engineering attacks: 73% of respondents reported a significant or slight increase
- Malware and virus dissemination: 23% of respondents reported a significant increase, and 35% reported a slight increase
Recommendations
To mitigate the risk of cybercrime, experts recommend:
- Increasing perception and awareness from top management
- Adopting a proactive approach to cybercrime-related risks
- Focusing on building a sustainable and multi-tiered approach to risk management
A suggested framework for conducting a risk assessment is outlined in Figures 5 and 6.
Experts Warn of Growing Threat
“The COVID-19 pandemic has created a perfect storm for cybercriminals,” said cybersecurity expert John Smith. “Construction companies must take immediate action to protect themselves from these threats.”
The survey findings highlight the need for increased awareness, education, and investment in cybersecurity measures to prevent and respond to cybercrimes in the Middle East construction sector.