Cyber breaches have doubled in five years, says Zurich report
Zurich’s Global Risks Report for 2018 has highlighted the increasing threat businesses have to contend with in the field of cyber security.
According to the report, cyber breaches recorded by companies have doubled since 2012 from 68 per business to 130 per business in 2017, with ‘dark net’ markets for malware goods and services having undergone a resurgence.
The proliferation of cloud services being used by companies has also further exposed them to risk, with the report counting Internet of Things (IoT) devices globally at 8.4bn, which exceeds the global population of 7.6bn. By 2020, that number is expected to reach 20.4bn.
Businesses are committing more and more capital to preventing cyber attacks, with 254 companies surveyed last year putting aside an average annual firefighting sum of £11.7mn. $8trn is expected to be spent collectively on stopping attacks around the world over the next five years.
The Global Risk Report, an annual publication by the Swiss insurance group, also investigates the environmental risks that have developed in recent years alongside those associated with cyber security, while too measuring fiscal indicators that suggest potential threats to the global economy.
By reading the report in full here (link below), executives can learn more about risks that could be just around the corner in Zurich’s new ‘Future Shocks’ section, while in ‘Hindsight’ the report looks back at past editions to analyse the evolution of previous risks.
Created in partnership with Marsh & McLennan Companies, the National University of Singapore, Oxford Martin School at Oxford University and Wharton Risk Management and Decision Processes Centre, University of Pennsylvania, the 2018 report was Zurich’s 13th edition of the Global Risks Report.
Intelliwave SiteSense boosts APTIM material tracking
“We’ve been engaged with the APTIM team since early 2019 providing SiteSense, our mobile construction SaaS solution, for their maintenance and construction projects, allowing them to track materials and equipment, and manage inventory.
We have been working with the APTIM team to standardize material tracking processes and procedures, ultimately with the goal of reducing the amount of time spent looking for materials. Industry studies show that better management of materials can lead to a 16% increase in craft labour productivity.
Everyone knows construction is one of the oldest industries but it’s one of the least tech driven comparatively. About 95% of Engineering and Construction data captured goes unused, 13% of working hours are spent looking for data and around 30% of companies have applications that don’t integrate.
With APTIM, we’re looking at early risk detection, through predictive analysis and forecasting of material constraints, integrating with the ecosystem of software platforms and reporting on real-time data with a ‘field-first’ focus – through initiatives like the Digital Foreman. The APTIM team has seen great wins in the field, utilising bar-code technology, to check in thousands of material items quickly compared to manual methods.
There are three key areas when it comes to successful Materials Management in the software sector – culture, technology, and vendor engagement.
Given the state of world affairs, access to data needs to be off site via the cloud to support remote working conditions, providing a ‘single source of truth’ accessed by many parties; the tech sector is always growing, so companies need faster and more reliable access to this cloud data; digital supply chain initiatives engage vendors a lot earlier in the process to drive collaboration and to engage with their clients, which gives more assurance as there is more emphasis on automating data capture.
It’s been a challenging period with the pandemic, particularly for the supply chain. Look what happened in the Suez Canal – things can suddenly impact material costs and availability, and you really have to be more efficient to survive and succeed. Virtual system access can solve some issues and you need to look at data access in a wider net.
Solving problems comes down to better visibility, and proactively solving issues with vendors and enabling construction teams to execute their work. The biggest cause of delays is not being able to provide teams with what they need.
On average 2% of materials are lost or re-ordered, which only factors in the material cost, what is not captured is the duplicated effort of procurement, vendor and shipping costs, all of which have an environmental impact.
As things start to stabilise, APTIM continues to utilize SiteSense to boost efficiencies and solve productivity issues proactively. Integrating with 3D/4D modelling is just the precipice of what we can do. Access to data can help you firm up bids to win work, to make better cost estimates, and AI and ML are the next phase, providing an eco-system of tools.
A key focus for Intelliwave and APTIM is to increase the availability of data, whether it’s creating a data warehouse for visualisations or increasing integrations to provide additional value. We want to move to a more of an enterprise usage phase – up to now it’s been project based – so more people can access data in real time.