Manufacturing is in the cybercriminal’s crosshairs
With today’s interconnected supply chain, partners of your manufacturing business are not just working with you, but with your network—and you with theirs. At the same time, cyberattacks are evolving rapidly in scope and sophistication. Hackers see manufacturing as a prime target, and they are increasingly attacking manufacturing infrastructure and networks in companies of all types and sizes.
While today’s digitized supply chains are more efficient, they also leave the entire chain vulnerable to cybercriminals who can steal a wide variety of information, interrupt production, and create more opportunities for damage in a computerized network—putting all parties at risk.
Because of this, more and more customers are expressing concern about cybersecurity (or the lack of it) in the digital ecosystem, and they are making business decisions based on those concerns.
How hacks can damage your business
In recent years, the industry has had a first-hand view of the catastrophic impact cyberattacks can have on a business:
- A hack can cause the loss of suppliers and customers who are unwilling to connect to your network because they are concerned it could put their data and systems at risk.
- You might not be able to get insurance without proof of security compliance, or insurers might raise the cost of underwriting, which will affect your cost of goods.
- Once hackers have cracked your security, they can steal data, launch sophisticated attacks, and embed themselves in your infrastructure—locking you out and gaining access to sensitive supplier and customer information.
The FBI’s Internet Crime Complaint Center reported that they received 847,376 complaints in 2021, an all-time high. Total losses from those complaints were more than $6.9 billion.
How to build better security
One of the most reliable ways to guard against cyberattacks is to adopt a recognized security framework based on industry standards and best practices. This helps you to:
- Compete for contracts and grow your business
- Qualify for insurance that can make your business whole if you’re the victim of a cyberattack
- Avoid damage and negative impacts from loss of data, production shutdowns, and damaged reputation
- Make sure you don’t have to pay a ransom to regain access to your critical systems
The professional-services firm, Accenture, says that although 43% of attacks are aimed at small and medium-sized businesses, only 14% of these businesses are prepared to defend themselves.
If you are a manufacturer, it’s time to take cybersecurity seriously by eliminating the risks and vulnerabilities that can jeopardize your operation.
Click here to download our special report titled “Manufacturers: Are you safe to do business with?”