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Wednesday 28th July 2021 03:04 PM

Manufacturers Can’t Afford the Cyber Risks They’re Overlooking


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Within manufacturing, cybersecurity risk goes beyond organizational preparedness. While this readiness gap is a important issue for the industry now, it’s heading to become a considerably bigger problem moving forward—particularly if sector leaders don’t prioritize a more strategic and preemptive approach to securing their operations from external attacks.


A Problematic Security Awareness Gap


As a current study by AVANT on the state of tech disruption around numerous industries revealed, much of the manufacturing industry has failed to take proactive steps to shield against cyber attacks—which is a notable problem considering the growing threats the industry faces.


The study, which reviewed 300 U.S.-based technology decision makers about the evolution of their enterprise tech stack in 2019, discovered that of the five industries studied—manufacturing, financial services, ecommerce, healthcare/medical and consulting/business services—manufacturing is substantially trailing the other four in terms of adopting next gen security solutions.


But as AVANT found, the manufacturing industry’s slow pace on evolving security isn’t an innovation concern. Compared with the other industries surveyed, manufacturing truly leads the pack on the digital transformation front, with 89 percent of manufacturers reporting a serious degree of confidence in their digital transformation plans. On the other hand, only 57 percent of financial services decision makers said they were exceptionally confident in their organization’s transformation agenda.


Alternatively, the problem for manufacturing is one of prioritization. Despite having leading-edge digital transformation strategies, security basically doesn’t factor into those plans. One most likely reason for this oversight is that manufacturers usually don’t view themselves as being particularly sensitive to attack, given hackers’ propensity for financial, healthcare and identity-based data. Obviously, when was the last headline to discuss a major manufacturing data breach compared to, say, the flurry of reporting surrounding attacks on banks?


But the perception that manufacturers are for some reason at lower risk doesn’t account for the actual prevalence of cyberattacks and the evolving risk atmosphere the industry faces. In accordance with a recent Deloitte study of manufacturing executives, approximately four out of 10 said their organization had experienced a data breach that year. These breaches didn't come cheap, either, with estimated at 40 percent of the attacks costing over $1 million. Nor are manufacturing-focused breaches set to become any cheaper or less frequent: As AVANT’s report points out, manufacturers' intellectual property is becoming increasingly desirable to sophisticated attackers like malicious outsiders and foreign governments.


Strategic Recommendations


As manufacturers become a highly profitable target for bad actors with effective attack strategies, it’s vital that industry leaders double down on cyber preparedness. Here are some of the crucial steps all manufacturers should take to meet rapidly evolving security threats within their sector:


Look to outsource:

Most organizations want to keep as many responsibilities as possible planted firmly in-house, both from a cost and control standpoint. However, security is one area where it can pay dividends to recruit outside expertise. By entrusting third-party providers with certain elements of security, manufacturers can reach a level of security they wouldn’t be able to achieve with traditional, in-house tools.


Recruit expert advice:

One problem with outsourcing IT is that it’s hard to know where to begin. With an abundance of resources and providers, it can be challenging to find out what specific solutions your organization needs to strengthen its security posture. Trusted advisors who help guide tech decision-making can play a critical role in bridging the gap between manufacturers and the tools they actually need.


Build internal security awareness:

Even with the most excellent tools and outside support, manufacturers will still come short of security readiness if their staff isn’t cyber literate. Considering that so many cyberattacks depend on human error and oversight, manufacturers should establish cybersecurity best practices in-house, and make sure these practices are followed.


For manufacturers, too little cybersecurity planning and preparedness all but guarantees an attack—and the monetary and reputational losses that certainly follow. But by taking a proactive approach to evolving security, manufacturing leaders can put themselves in an advantageous position to meet both today’s and tomorrow’s security threats.


This article is originally posted on manufacturing.net


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Posted on : Wednesday 28th July 2021 03:04 PM

Manufacturers Can’t Afford the Cyber Risks They’re Overlooking


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Posted by  Tronserve admin
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Within manufacturing, cybersecurity risk goes beyond organizational preparedness. While this readiness gap is a important issue for the industry now, it’s heading to become a considerably bigger problem moving forward—particularly if sector leaders don’t prioritize a more strategic and preemptive approach to securing their operations from external attacks.


A Problematic Security Awareness Gap


As a current study by AVANT on the state of tech disruption around numerous industries revealed, much of the manufacturing industry has failed to take proactive steps to shield against cyber attacks—which is a notable problem considering the growing threats the industry faces.


The study, which reviewed 300 U.S.-based technology decision makers about the evolution of their enterprise tech stack in 2019, discovered that of the five industries studied—manufacturing, financial services, ecommerce, healthcare/medical and consulting/business services—manufacturing is substantially trailing the other four in terms of adopting next gen security solutions.


But as AVANT found, the manufacturing industry’s slow pace on evolving security isn’t an innovation concern. Compared with the other industries surveyed, manufacturing truly leads the pack on the digital transformation front, with 89 percent of manufacturers reporting a serious degree of confidence in their digital transformation plans. On the other hand, only 57 percent of financial services decision makers said they were exceptionally confident in their organization’s transformation agenda.


Alternatively, the problem for manufacturing is one of prioritization. Despite having leading-edge digital transformation strategies, security basically doesn’t factor into those plans. One most likely reason for this oversight is that manufacturers usually don’t view themselves as being particularly sensitive to attack, given hackers’ propensity for financial, healthcare and identity-based data. Obviously, when was the last headline to discuss a major manufacturing data breach compared to, say, the flurry of reporting surrounding attacks on banks?


But the perception that manufacturers are for some reason at lower risk doesn’t account for the actual prevalence of cyberattacks and the evolving risk atmosphere the industry faces. In accordance with a recent Deloitte study of manufacturing executives, approximately four out of 10 said their organization had experienced a data breach that year. These breaches didn't come cheap, either, with estimated at 40 percent of the attacks costing over $1 million. Nor are manufacturing-focused breaches set to become any cheaper or less frequent: As AVANT’s report points out, manufacturers' intellectual property is becoming increasingly desirable to sophisticated attackers like malicious outsiders and foreign governments.


Strategic Recommendations


As manufacturers become a highly profitable target for bad actors with effective attack strategies, it’s vital that industry leaders double down on cyber preparedness. Here are some of the crucial steps all manufacturers should take to meet rapidly evolving security threats within their sector:


Look to outsource:

Most organizations want to keep as many responsibilities as possible planted firmly in-house, both from a cost and control standpoint. However, security is one area where it can pay dividends to recruit outside expertise. By entrusting third-party providers with certain elements of security, manufacturers can reach a level of security they wouldn’t be able to achieve with traditional, in-house tools.


Recruit expert advice:

One problem with outsourcing IT is that it’s hard to know where to begin. With an abundance of resources and providers, it can be challenging to find out what specific solutions your organization needs to strengthen its security posture. Trusted advisors who help guide tech decision-making can play a critical role in bridging the gap between manufacturers and the tools they actually need.


Build internal security awareness:

Even with the most excellent tools and outside support, manufacturers will still come short of security readiness if their staff isn’t cyber literate. Considering that so many cyberattacks depend on human error and oversight, manufacturers should establish cybersecurity best practices in-house, and make sure these practices are followed.


For manufacturers, too little cybersecurity planning and preparedness all but guarantees an attack—and the monetary and reputational losses that certainly follow. But by taking a proactive approach to evolving security, manufacturing leaders can put themselves in an advantageous position to meet both today’s and tomorrow’s security threats.


This article is originally posted on manufacturing.net

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cyber protection