42% of manufacturers in the UK have been victims of cyber incidents within the past year, reveals a study by Atlas VPN.
However, 74% said that adequate cyber security measures prevented any commercial damage. The remaining 26% reported significant financial loss, with losses ranging from £50,000 to £250,000.
The overall trend of the security landscape within the manufacturing sector in the UK remains relatively unchanged between 2022 and 2021.
In 2021 and 2022, around 10% companies were victims of cyber incidents and incurred financial, reputational, or operational damages.
65% of cyberattacks resulted in production halts and 43% caused reputational damage. Financial losses incurred were due to stopping production or loss in customer trust.
Around 30% of manufacturing firms were attacked and infiltrated but they were able to mitigate any business impact because of cyber security processes in place.
Manufactures in the UK reported maintaining legacy IT (45%), a lack of cyber capabilities within the organization (38%), and granting access to third parties for monitoring and maintenance (33%) as the top three cybersecurity vulnerabilities.
For almost 40% of manufacturers, the expense of cyber security tools is the most important hurdle that prevents improving their degree of cyber protection.
Over 35% of players in the manufacturing industry said that they do not implement more advanced security measures because of the time involved in installing and maintaining the practices.
However, as the manufacturing industry moves more toward digitization and automation, which makes it more vulnerable to attack, companies will need to bolster their security practices or face the consequences.
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Good article.