Manufacturing Is Now The Most Cyber Attacked Industry In The World
Manufacturing is failing to protect itself from cybercrime with almost one in four cyberattacks being targeted at the industry.
With research showing the manufacturing industry faced almost 25% of cyberattacks, MSP urges manufacturers to prioritise cybersecurity to protect themselves, their partners, and their customers from the potentially catastrophic impacts of cyberattacks.
Our Managing Director Neil Matthews comments “whilst cybersecurity is a concern for every business across all industries, the manufacturing industry is especially vulnerable to cyberattacks which can have serious impacts such as theft of intellectual property”. “Malware and ransomware attacks are using innovative new tools to penetrate and exploit weaknesses which can result in attacks that can result in a loss or denial of access to operational systems, can negatively impact a manufacturers reputation and therefore in many cases can result in a loss of customers and or suppliers”.
Over the course of 2021, the global economy was cost $6 trillion as a result of cyberattacks and this figure is predicted to rise to $10.5 trillion over the next three years. For the first time since 2018, the manufacturing industry has now overtaken the insurance and finance industries for the number of cyberattacks suffered with just under half of British manufacturers having been victims of cybercrime over the past 5 years. Neil added that “the industry can no longer adapt the notion that it won’t happen to us. It is now more important than ever that businesses cybersecurity is as proactive as possible as reactive improvements are too late because the damage is already done”.
The manufacturing industry now suffered a 23.2% share of cyberattacks with the number of incidents caused by vulnerability exploitations increasing by a third from 2020 to 2021. Over this period just under two thirds of manufacturers faced losses of up to £5,000 with a further 22% reporting a greater cost of £5,000 to £25,000.
“Vulnerabilities such as single-layered protection, lack of protection to broadband connections, lack of firewall implementation and a variety of other weaknesses can all be easily exploited by cybercriminals causing serious damage. The reality is that these vulnerabilities can be easily fixed and remote working infrastructures can easily be strengthened.”
MSP has outlined four tips for manufacturers to protect themselves from cybersecurity attacks:
- As a starting point, manufacturers need to evaluate their cyber threat landscape and introduce regular cybersecurity awareness training for staff.
- Companies should avoid unauthorised system access by using Multi-Factor Authentication and have timely updates of security patches on computers and systems.
- Manufacturers should increasingly look to take out cyber insurance and undertake regular security risk assessments, introducing a robust backup and disaster recovery policy and plan.
- Strict processes should be in place around sending sensitive files externally to combat the risk of breaches and minimise the damage an attacker can do by accessing them.
Here at MSP, we are aware of the increasing threat of cybercrime and the cybersecurity issues posed by the rapidly changing landscape of technology. The lucrative and valuable nature of data means that manufacturers must take their cybersecurity seriously and we firmly believe that cybersecurity should become an integral part of all manufacturer’s strategies for the future. Testament to which is MSP’s involvement with Cyber Essentials as a Cyber Essentials Certified Organisation. This is just one of the many steps we are taking to ensure MSP is an industry leader in the field of cybersecurity. Contact us to find out more.
