INSIDE STOREY O n e - o n - o n e w i t h i n d u st ry exp e r t s
Are You Cyber Safe? With the building industry so vulnerable to ransomware attacks, you need to take preventative measures By Ted McIntyre with Phil Fodchuk, Partner, Cyber Security & Privacy, MNP Digital
MARCH WAS A TOUGH MONTH for cybersecurity, with both the municipalities of Hamilton and Huntsville attacked and held ransom. Even the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the federal watchdog agency that oversees terrorist and organized crime financial activities, had to go offline because of a major breach. If entire cities and national agencies are vulnerable, your office or home computer, along with all the corporate and ohba.ca
@onhomebuilder
client info contained within—are also ripe for the picking. And size doesn’t matter. In fact, 43% of cyberattacks target small and medium-sized businesses—with an average revenue loss per attack of $300,000 (and growing). What’s worse, file encryption software provider NordLocker has recently cited construction as the industry at highest risk for ransomware attacks due to its reliance on computer programs such as CAD, BIM and other interconnecting cloud-based tools.
“Federally run Cyber Centre Canada estimates that breaches are growing 10-12% on average per year in Canada,” advises cybersecurity expert Phil Fodchuk. With more than 25 years of experience in the field, Fodchuk’s work has ranged from law enforcement consulting to serving as chief information security officer at multiple firms including, most recently, MNP Digital. “We manage several hundred engagements per year for clients in Canada— responding to attacks and helping them take preventative measures,” Fodchuk says. And yes, that list has included Ontario home builders.
OHB: What do you say to modestly sized firms that think they’re too obscure to be targeted? PF: “If anything has changed over my time doing this, it’s that everybody 17 SUMMER 2024 | ONTARIO HOME BUILDER