Last Updated on 25th January 2022
How Cybercrime Can Affect the Manufacturing Industry
All organisations should be aware of the issues and consequences that cybercrime can bring to their businesses. From 2018, the Information Commissioner’s Office will be fining businesses up to 4% of their global turnover or €20 million.
The manufacturing industry is open to threats due to the kind of data that it holds. We work with several manufacturing companies across the Midlands and we think it’s essential that we share knowledge. We’ve put together a list of ways that cybercrime can affect this industry and what Finance and IT Directors should be aware of.
It’s not always money that cyber-criminals are after with their activities. The data that companies hold can be more valuable. Manufacturing companies should be aware that the Intellectual Property that they hold such as proof of concepts and project plans are targets as they can be sold at a high price. Sometimes the root of this can be an employee who is working with the criminals for financial gain.
Sometimes the weakness may not be internal. If a business in your supply chain is affected by a cyber security threat then there is a possibility that you will be too. The supplier may have received some form of malware that could then be replicated across your technologies. Ensure that everyone in your supply chain is part of the Government’s Cyber Essentials Scheme.
According to a report by Deloitte, manufacturing executives have stated that 4 of the top 10 cyber threats they have faced are directly attributed to human error. Employees should be made fully aware of the risks caused by cybercrime and know what to look for.
It’s not just your IT equipment that needs to be assessed for cyber security. Cyber risk assessments should be carried out on your control systems to ensure that the appropriate precautions are in place. According to Deloitte nearly a third of companies have not made these checks on their systems and equipment.
It’s important that the whole of the management team are on board with increasing cyber awareness within a business. Without the support of the leadership within the organisation it will be difficult to ensure that staff remain aware of cyber risks. The Deloitte report also suggested that 42% of people responsible for cyber security found it difficult obtain the support and appropriate funding from senior management.
If you are at all concerned about your company’s cyber security then please get in contact.