Cyber threats today have become unavoidable, thus making cyber security an essential component of every industry, and the manufacturing industry is no exception. Being a critical part of the global economy, manufacturers rely heavily on computer systems and technology. However, with increased digitization and connectivity, the industry has become susceptible to numerous cyber attacks.
In this blog, we will look at the importance of cyber security in the manufacturing sector and how cyber threats have painted a scene of terror in the hearts of global manufacturers.
The Rise of Cyber Crimes in the Manufacturing Industry
The manufacturing industry is the backbone of several industries, which puts it at a high risk of cyber attacks. Due to this industry’s reliance on interconnected systems, data collection, and distribution, finding vulnerabilities for malicious actors has become easier. These systems are often linked to the internet, making them prone to cyber threats such as malware attacks, phishing attacks, and ransomware attacks.
Why are cyber threats more dangerous to manufacturers? Well, cyber-attacks on the manufacturing industry result in the disruption of production lines, theft of intellectual property, loss of sensitive information, financial losses, damage to the industry’s reputation, and a loss of consumer confidence. All of which can stagnate growth and even set the industry on a backward path.
“In 2021, the manufacturing industry received the highest number of cyber attacks than any other industry.”
This proves that in recent years, threat actors have become keen on benefiting from the manufacturing sector. The list of cyber attacks that have affected the manufacturing industry in recent years is never-ending, but mentioned below are the most prominent cyberattacks to have hit the industry:
- Bridgestone Americas Attack, a Tyre Producer
- Nordex Attack, a wind turbine Producer
- Quanta Attack, a design manufacturer and supplier for Dell
- Brenntag Attack, a chemical distribution company
- Renault-Nissan Attack, an automobile manufacturer
- Norsk Hydro Attack, an aluminium manufacturer
- ASCO’s Power Technologies Attack, an aeroplane part manufacturer
- Hexion and Momentive Attack, two chemical manufacturers
The combined financial impact of these attacks was an average of $4.47 million per attack, and this number is estimated to go up in the coming years. That’s why cyber security measures are crucial to ensuring the smooth running of the manufacturing sector. The next section of this blog shines a light on what can be averted by creating a strong cyber security posture for manufacturers around the world.
The Importance of Cyber Security in the Manufacturing Industry
Guarding Intellectual Property
Trade secrets, drawings, and blueprints are all examples of intellectual property that the industrial sector significantly relies on. Cyber security can aid in preventing the theft of this data by malicious actors. Manufacturers can prevent unauthorised access to sensitive information by putting in place robust cyber security safeguards, including firewalls, encryption, and access controls.
Protecting Business Continuity
A cyber attack on a manufacturing site can stymie production lines, resulting in costly downtime. Backups and disaster recovery plans are cyber security measures that can assist manufacturers in recovering from attacks swiftly and with the least amount of disruption to business operations.
Complying with Regulations
Industries like manufacturing are frequently required to adhere to a variety of laws and standards, including ISO 27001 and NIST. Penalties and fines are levied if these regulations are not complied with. Cyber security measures like penetration testing, vulnerability assessments, etc. can help assure compliance and prevent legal repercussions.
Building Customer Trust
Consumers put immense faith in their manufacturers to keep their data and information protected. Manufacturers can strengthen customer trust and loyalty with cyber security solutions including data encryption, access limits, and multi-factor authentication.
It’s time to take back control from the threat actors and ensure that the manufacturing industry remains the top contributor to the global economy. By implementing strong cyber security measures, manufacturers all across the globe can protect their operations, reputation, and customers. GoAllSecure can help in achieving this goal. We can handle all the cybersecurity-related issues, giving manufacturers plenty of time and a relaxed mindset to work and grow. For more information about us, kindly visit us at https://www.goallsecure.com/ or call us at +91 85 2723 7851 or +44 20 3290 4885.