One look at the numbers is all it takes for a stark wakeup call on cybersecurity.
2021 had the highest average cost ever for data breaches at $4.24 million USD according to the “Cost of a Data Breach Report 2021,” an annual report that IBM has produced for the last 17 years. A Deloitte and MAPI (Manufacturers Alliance for Productivity and Innovation) study, Cybersecurity for Smart Factories, cited that 40% of manufacturers experienced a cybersecurity incident over the rolling twelve months before that survey. Of those incidents, the average cost for IoT-focused attacks was roughly $330,000 USD, while data breaches cost $7.5 million USD.
These reports – along with many others – make clear that cybersecurity threats are accelerating for everyone, and especially manufacturers. In the last few weeks of 2021, manufacturers faced unprecedented levels of ransomware attacks. All manufacturers need a proactive security plan in place to avoid or minimize risks of attacks. As the joint Deloitte-MAPI report pointed out, attacks have also “affected safety systems, increasing the risk of harm to humans.” Beyond the monetary cost, there is also a human cost to safeguard.
With these considerations in mind, Plex asked manufacturers about their response to security and risk mitigation. Here are some of the key takeaways:
- 48% of manufacturers are actively monitoring cybersecurity to minimize risk.
- One-third of manufacturers cite cybersecurity and risk mitigation as a major threat to growth.
- 61% of manufacturers do not have a plan in place for operational disruption.
These stats are an important reminder that business continuity needs a focused plan. Monitoring cybersecurity and having a plan in place is vital to all manufacturers, regardless of technology adoption. A multi-layered defense along with a strong auditing and compliance focus that ensures controls are followed will protect your company.
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