A quarter of the UK's ransomware attacks target Manufacturers. Are you prepared?

31 March 2022

It’s no longer a matter of if but when your security will be tested by a cyber-attack. With the rise in connectivity, the manufacturing industry has become susceptible to data breaches and cyber threats. In 2021, the manufacturing sector accounted for nearly a quarter (23%) of ransomware attacks which was more than any other vertical. One of the easiest forms of cyber-attack are through insufficiently protected office systems, usually the first set up in a manufacturing business.

With less than half of the UK manufacturers properly addressing the gaps in their security defences, attacks are on the rise. A large majority of manufacturers fear continuing attacks over the next year, meaning IT decision makers need to prepare now to avoid becoming victims of an attack as they become increasingly complex every single day.

This is no longer something just effecting the Tesco’s’, Talk Talks’ or Renault-Nissan of the world its also effecting the small and medium sized businesses too. Most attacks being on the small to medium companies. Just in this last year alone 70% of manufacturers showed some type of security incident occurred.

The risks of one cyber-attack could possibly lead to millions in lost revenue, not to mention additional costs for repairs and an upheaval of an entire company supply chain. In the last 12 months alone UK manufacturers have faced an average 30 cyber-attacks with the number predicted to only increase each year.

The true cost of these attacks are difficult to quantify but the cost of ransomware recovery spirals into the millions. To be able to recover ransomware properly you need to include downtime, people hours, device costs, network costs, lost opportunities, ransom paid, higher insurance premiums, lost reputation and much, much more into the final bill. On average this costs companies £1.41 million in 2021 alone and the average time to recover from a cyber-attack is 22 working days.

Some are taking the risk seriously with planned increases in investment from 2021 to 2022. With responses from different manufacturing sectors looking at 68% from consumer goods, 70% from industrial and 64% from automotive to increase cyber and information security.

How to combat the threats

To avoid falling victim to the trend in cyber-attacks that are only set to escalate in the coming years, there needs to be action taken to invest in intelligent threat detection and response solutions. But knowing where to start can be a challenge which is why we’ve developed our SecOps Navigator – a free engagement designed help you overcome the complexities of modernising your security operations options while demystifying the complexities of adopting cloud security services. By looking at your current state vs desired future state, we can help you define and build your security strategy to help unlock the potential of cloud security and increase its value to your organisation.

This Navigator is ideal for organisations that are looking to review their security posture, need a modern security platform or have security concerns around migrating to cloud and by the end of the engagement you can expect to receive:

  • A full board-ready business case covering the TCO, ROI and full benefits breakdown for your organisation.
  • A future operating model – We’ll review the current maturity of your team with regards to managing & operating a modern security platform, how to build an internal security CoE and what the most optimal team structure is to deliver your security operations vision.
  • A roadmap – We’ll build a transition plan to allow you to understand the key stages and deliverable to migrate to a modern security operations environment and service.

 

Find out more about our SecOps Navigator, click here.