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Cybersecurity Infrastructure for The AEC Businesses – Trick or Treat

 

The spookiest time of the year is upon us, but Cybersecurity is a 24/7, 365 days issue. 

It’s scary, but businesses of all sizes and in all sectors now face a higher danger of a cyber-attack. As technology develops, so do the dangers and vulnerabilities that go along with it. 

Understanding why a data breach is occurring is the greatest way to stop one. Businesses and security professionals need a counterpunch to every cyber trick. 

Cost of a Data Breach in the USA 2022

According to the Cost of a data breach 2022 report by IBM, a data breach will occur for 83% of businesses, not if, but when. Usually multiple times. Faster is preferable for identifying threats, reacting to them, and recovering from them. The lifecycle of a breach was reduced by 74 days for organizations that used AI and automation, and these firms also saved an additional $3 million on average. 

The United States has held the record for the highest cost of a data breach for the past 12 years, USD 5.09 million more than the global average.

  • The average cost of a data breach in the United States – $9.44M 
  • The global average total cost of a data breach –  $4.35M 

Ransomware-related breaches increased in percentage by 41% over the previous year, and it took 49 days longer to find and stop them than usual. Disruptive attacks also cost almost USD 430,000 more than before. 

The average time needed to find and stop a breach in 2022 was 277 days or nearly 9 months. Saving money can be achieved by reducing the amount of time needed to detect and contain a data breach to 200 days or less. 

The first stage is to develop an incident response (IR) plan. You can proactively detect cybersecurity gaps and fortify your security by routinely testing that plan. Not to mention, you can avoid paying millions in damages from data breaches. 

Companies with fully implemented AI and automation programs were able to discover and contain a breach 28 days more quickly than those without, saving USD 3.05 million in expenditures. It’s not all or nothing, though. Businesses that have partially implemented AI and automation programs outperformed those without them. 

According to another study by DataProt:  

  • More than half (60%) of consumers expressed increased concern about data security since the COVID-19 pandemic  
  • Cyberattacks will have caused $6 trillion in total damage by 2022  
  • So far, cyberattacks have resulted in $2 trillion in losses  
  • Every 39 seconds, a cyberattack occurs  
  • Every 14 seconds, a ransomware attack occurs  
  • Although the threat of Cybersecurity is so Paramount, Small businesses spend less than $500 on cybersecurity on average  

Future of Digitalization in the AEC Industry  

With the rise of digital technologies, the AEC industry is faced with significant and dynamic ecosystem changes. 

New technical developments, digitization, and automation are having a positive impact on the architecture, engineering, and construction industry. However, this increases the AEC sector’s vulnerability to online threats and assaults. 

Read Related >> Cybersecurity Strategy for the AEC Businesses

The AEC sector is unique in its own right, so understanding the industry’s equally unique challenges is critical. Only by understanding these challenges will we be able to develop industry-specific security measures and processes. 

How exposed are you as an architectural, engineering, and construction business (AEC) to cybersecurity risks?   

Is Your data secure? Are your designs and drawings susceptible to security breaches? 

Follow Indovance Inc for AEC Industry Updates and Global Construction News.  

Indovance Inc with its exclusive delivery hub in India is a global CAD technology partner serving the needs of the AEC industry since 2003. At Indovance we focus on the unique need of each project or client and believe in addressing the real challenges and guarantee that the process will be well-coordinated, smooth, efficient, and hassle-free.  

We collaborate with our customers around the world to develop bespoke business solutions using our enormous engineering talent pool and state-of-the-art technology. To deliver long-term engineering and business strategies, we align with your culture and processes to create an unbreakable partnership. With over 500 full-time employees and more than 600 customers in the US, Europe, India, and Asia, we are poised for the next level of success.  

For more queries regarding any of the above-mentioned topics, feel free to connect with us on our website www.indovance.com or contact us on +1-919-238-4044 

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