Dive brief:
- Builders Mutual Insurance Co., a commercial construction insurer based in Raleigh, North Carolina, was the goal a hack that affected the personal information of 64,761 customers, current and former employees, according to a filing with the Maine attorney general’s office on Sept. 29.
- The insurer noticed suspicious activity on Dec. 14, 2022, and hired third-party specialists to investigate, it said. documents presented by the company to the general prosecutor’s office. On December 15, investigators discovered that certain files were copied and worked to determine if they contained sensitive information. Potentially compromised data included names, Social Security numbers, medical information, health insurance information and workers’ compensation data.
- Builders Mutual works with a variety of clients in both the homebuilding and nonresidential construction industries, according to its website, and offers commercial packages for workers’ compensation, general liability and insurance of property The insurer also offers crime, motor and inland marine protection.
Diving knowledge:
A recent report by global credit agency AM Best noted that Builders Mutual had a strong governance culture that included “continuous monitoring of cyber threats”. Builders Mutual did not respond to requests for comment about the data breach.
According to its filing with the state of Maine, as a result of the breach, Builders Mutual is offering:
- Additional guarantees and training for employees.
- 12 months of free credit monitoring for affected people.
- Information on how to place a fraud alert and security freeze on your credit file.
- Contact details of national consumer information agencies.
- Information on how to get a free credit report.
News of the breach follows a troubling report from Dodge Construction Network and content management and security firm Egnyte that concluded that builders are largely not prepared for cyber attacks. Among AEC companies surveyed, 59% said they experienced a cybersecurity threat in the past two years.
When it comes to preventing data breaches, contractors must build a defense system in order to protect themselves, according to cyber expert Stel Valavanis. This means preparing a cybersecurity framework and taking IT support seriously.
“Organizations must use all available resources to reduce downtime and limit financial exposure by proactively taking steps to detect and prevent attacks,” said Valavanis, CEO of onShore Security, a cybersecurity based in Chicago.
