This article appeared in the September 2019 issue of MiMfg Magazine. Read the full issue and find past issues online.
Cyber attacks are a real threat to your business.
It’s not a matter of if, but when you’ll be targeted. The clock is ticking, and it’s time for manufacturers take action.
Did you know that the manufacturing industry is one of the top targeted industries for cyber threats? Manufacturers of all sizes, across all sectors and in every region are under attack. One of the biggest hurdles that manufacturers face today is the realization that their business is inundated with potential cyber threats every day.
So much of a manufacturer’s operation is connected to the internet — the line of business applications, legacy systems, production equipment, etc. By not protecting your network while ensuring proper monitoring and alerts, you are exposing your company to severe risk of a security breach.
Manufacturers must be vigilant in defending their systems and be prepared to respond to an attack when it strikes. Some of the biggest threats facing your company today are:
Malware is malicious software which performs nefarious activity on the victim’s computer. It can come in the form of viruses, Trojan horses and spyware. Malware can cause a great deal of harm within seconds.
- Phishing Attacks
Phishing e-mails and the malicious attachments they often carry can be extremely difficult to detect by the end user. Phishing attacks can lure you into transferring funds to bank accounts, clicking on malicious links and, worse yet, giving a cyber criminal access to your inbox.
One of the most harmful cyber attacks can be ransomware. This is when a cyber criminal gains access to your system’s data and holds it hostage in return for money. Situations like this can be tricky to navigate and often leaves a company unable to immediately return to production.
How much is your company’s survival worth to you?
- It only takes one attack to cost you your clients and your reputation.
- Over the last five years, security breaches have increased almost 70%
- Ransomware attacks for manufacturers cost between $1.3 and $6.3 million per breach
- It takes organizations an average of 191 days to identify data breaches (how much can go wrong in 191 days?)
- 54% of companies experienced an industrial control system security incident
- 61% of organizations have experienced an Internet of Things (IoT) security incident
- 60% of small businesses shut down after a cyber attack
A Strategy for Members is Coming
Hope is not a strategy.
Don’t leave your company’s future hanging on the hope that it won’t be targeted. Watch for a brand-new program dedicated to threat mitigation, threat detection, incident response and remediation to be announced in the October issue of MiMfg Magazine.