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Managing Risk in the Construction Industry

October 2, 2017

As the construction industry has matured, managing risk has become more than just about making sure your project is on-time and on-budget. Some companies simply don’t grasp the potential impact of allowing the office estimator to also serve as the resident IT expert. With or without a dedicated IT person or department, companies often move forward with a false sense of security. Even when they don't want to be in the business of managing data, they still try to do it themselves, rather than opt for the very affordable cloud datacenter. Are these companies really factoring in the harm that could be done from one power outage, fire, laptop theft, or misplaced mobile phone? Probably not. The irony is that you have to look no further than a mobile or wireless device connected by-Fi and a cell tower to find company's most valuable, and vulnerable, assets and intellectual property. The convenience of accessing data at your fingertips – including client lists, contact names, past projects, and bid information is coupled with the danger of disclosure. Failing to adequately safeguard and secure these interconnected assets and the software that manages it all could leave a contractor facing the unthinkable having to rebuild their database from scratch. For example, a project manager might have three levels of proprietary information on their smart phone– their company’s information, their client’s information, and maybe even data from a client's client. These out-of-sight,out-of-mind assets need to be top of mind when assessing risk and taking the necessary steps to protect against loss and liability.

Learn how to balance internal controls with a well-trained staff so you can rest assured that client, customer, and bid information is protected. Read our downloadable Free PDF to find out more. 



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