IRN webinar to offer cybersecurity tips as threat grows

Gareth Lloyd, Chief Digital & Information Officer, Loxam Powered Access.

“The equipment rental industry, regardless of company size, maturity, specialisation, or location, cannot ignore the growing threat of cyber-crime and the damage it can inflict on businesses, reputations, and customers.

“Attacks are primarily financially motivated, using methods such as malware, phishing, and social engineering, and can come from anywhere around the globe.“

These words of warning, from Gareth Lloyd, Chief Digital & Information Officer at Loxam Powered Access and a member of the European Rental Association‘s Cybersecurity Working Group, indicate a growing need for the rental sector to take cybersecurity seriously. 

Register for the webinar on 4 November free here.

Recent developments in the industry, as more employees work from home post Covid-19 and businesses embrace digitalisation, mean rental companies now have more entry points for cyber threats, Lloyd told IRN. 

Many also have complex supply chains, another area of vulnability. 

Alexander Wörndl-Aichriedler, VP ICT, Palfinger.

Austrian crane and access manufacturer Palfinger, which experienced a cyber attack earlier this year, has increased its focus cybersecurity, Alexander Wörndl-Aichriedler, VP ICT Palfinger told IRN.

“Previously, companies assumed they would be hit by a successful massive ransomware attack once every ten years. That was a calculable risk. The new situation and the incalculable risk that it brings with it mean that the willingness to invest substantially more in security is increasing.”

Meanwhile, Ritchie Bros also told IRN the company had re-focused its attention on cybersecurity in the last three or four years, particularly in light of its transformation from traditional auction house to tech company. 

Guy Dulberger, Vice President, Information Security at Ritchie Bros, encouraged rental and construction equipment companies to engage with the issue of cyber threats sooner rather than later.

Guy Dulberger, Vice President, Information Security at Ritchie Bros.

“The odds are always that something bad could happen. The best you can do is try to be prepared and think of every possible scenario,” he said. 

However, “Cybersecurity doesn’t have to be expensive,” he added.

“There’s a misconception that you need to spend millions of dollars, but often it’s a case of sitting down with your stakeholders and working out what your contingency plan will be.” 

“Cyberattacks can happen to anyone. Even Zoom got hit but Zoom is a lot better now because it invested in fixing the problem.”

Gareth Llloyd, Guy Dulberger and Alexander Wörndl-Aichriedler will be panellists at International Rental News’ webinar ‘Cybersecurity for Rental’ on 4 November.

They will discuss the evolving nature of cyber threats in the construction equipment and rental sector, and how best to address them. 

The European Rental Association has recently produced a guide to cybersecurity focusing on best practice for the rental industry.