Cybersecurity risk is a clear and present danger to companies across all industries, including manufacturers, distributors and other industrial organizations. The business impact is real, and companies need to understand that when they find themselves in the crosshairs of cybercriminals, the dangers and damages can extend far beyond financial loss and easily add up to a litany of issues.
These damages can include:
- Theft of intellectual property
- Loss in productivity
- Harm to reputation
- Destruction of data
- Theft of personal employee data
- Disruption to business continuity
- Damage to physical facilities
- Liability or fines for noncompliance with data-privacy regulations
- Possible legal action by customers and employees whose personal information has been breached
- Employees suing for lost wages if the company cannot pay due to the breach
- Costs of remediating the damage itself
- Relationship damage and lost confidence within original equipment manufacturer (OEM) and supplier relationships
Learn more about the threat cybersecurity plays in manufacturing.
Companies are under pressure to become more efficient, increase quality, reduce expenses and drive productivity, so it is only natural to add technology to the mix. With more automation coming onto the scene and the Internet of Things (IoT) innovations becoming commonplace, more technology is being built into the very fabric of an organization’s day-to-day internal and field operations, as well as the very products they are producing.
While this has enabled manufacturers to operate at performance and revenue levels never achieved before, it has also increased the number of technology touch points within an organization. This significantly increases their susceptibility to cyberattacks, a risk that has historically been difficult for business leaders to quantify
With a number of cyberattacks across all industries, executives are being challenged to view cybersecurity awareness differently. Cybersecurity risk is business risk, not just technical risk, and nowhere is this truer than for manufacturing and industrial companies.
Cybercriminals like manufacturing and industrial companies because they have trade secrets, business plans and valuable intellectual property at their fingertips. Furthermore, manufacturing and industrial companies have historically made fewer technology and security investments and are generally less experienced and equipped to manage and secure internet-facing or internet-enabled technologies. The result is expanded access into the network by threat actors and increased business risk due to the critical nature of the production line, the proliferation of IoT, the prevalence of legacy technology and “technical debt” and reliance on vendors and supply chain partnerships.
Measuring Your Security Risk
Our team of IT professionals has identified 12 questions to help gauge your current security risk areas and assess your overall IT health. Most importantly, the results will provide tips to help you make actionable improvements now.
From data backups to your administrative protocols and password protection processes, this IT quiz will give you some quick wins to take back to your organization. Know how your security stacks up while learning best practices for optimum network stability, disaster recovery, and IT health.