Cybersecurity in Construction
The global construction landscape is seeing a tectonic shift in how they operate. More businesses than ever are choosing to digitize their operations to become time and cost-efficient. While digitization helps a company streamline its processes, it exposes the company to a new vulnerability – cybersecurity risks.
Each year, businesses end up losing millions in legal and operational costs to data theft, system breaches, targeted server attacks, and other cybersecurity threats. According to IBM’s cybersecurity report, data breaches ended up costing businesses an average of $4.24 million in 2021. With more confidential information being shifted to online servers every second, that number is expected to increase substantially in the coming years.
Does this warrant a pushback against digitization? Absolutely not. Moving towards an automated, digital platform can help your back office administration become much more time, cost, and manpower efficient.
In the current landscape, businesses that automate admin tasks have a huge advantage over those that don’t. So how do we balance the opportunity and the risk? The best solution here is to employ enhanced cybersecurity measures that ensure data security by completing tasks such as processing invoices over completely secure portals. Products like intelligent APIs can help you seamlessly integrate cybersecurity measures into your workflow.
How Constafor Helps With Cybersecurity
At Constafor, we understand that data security is essential to the functioning of any construction business. Data about clients, vendor and insurance contracts, payment invoices, etc., is vital and can put businesses in significant financial and legal jeopardy if stolen. Our platform employs AI-powered APIs and software modules to ensure the complete safety of your data. Our state-of-the-art cybersecurity solutions include:
A controlled access system
A sizable amount of corporate data is lost to first-person breaches on the company’s servers. A viable solution for this is to adopt a centralized system that segregates system access privileges based on the employee’s responsibilities. The accounting department, for example, shouldn’t ordinarily have access to vendor contracts, and the legal department, on the other hand, shouldn’t be allowed to access payment invoices.
Constrafor’s controlled access system allows your business to seamlessly integrate these rules into your day-to-day operations. The system administrator can grant access to different employees based on their designations, thereby limiting the amount of data they can see. These permissions are completely dynamic and can easily be granted or revoked.
Secure payment portal
This is where we’re ahead of the curve. Payment portals are among the most frequently targeted parts of any business website. Unsecure payment portals can:
- Leave all of your banking data and passwords unencrypted, leaving them vulnerable to even the most basic website injection attacks.
- Easily be replicated/mimicked by phishers who then direct unsuspecting users towards their own fraudulent banking/payment portals. We are currently partnering with revolutionary FinTech platforms like Stripe and Plaid to make sure all of your payments and their invoices are safe on your servers. These payment providers employ best-in-class APIs to ensure quicker and safer payments for your business.
A Step Forward
Constrafor is committed to helping construction businesses operate at their full potential. Our industry-leading cloud-based solutions automate everything from procurement to invoicing, so you never have to worry about the administration or security of your back-office data. Constrafor also offers exciting features like the Early Pay Program, which allow subcontractors to free up working capital for their business by getting paid in days rather than months.