What can happen in industries where the number of vendors outweighs the number of team members a small business has? Can this actually happen? It likely happens more than you may believe. However, this can open the door for ”supply chain vulnerability”. Supply chain vulnerability can be defined as exposure to a serious disturbance that allows cybercriminals to gain access through a vendor or partner.
From a cybersecurity standpoint, your data is your business’s most sensitive and valuable asset. One thing should be made clear — Protecting your data should be a top priority for all businesses, regardless of size. The proper steps must be taken to ensure that computers, networks, and programs are protected and employees have received the proper training. As we have found out with the recent cyberattacks, one attack can bleed companies of millions of dollars.
The correlation of the manufacturing sectors and the reliance on data and software makes the industry one of the most vulnerable to the dangers of cyberattacks. Data is being sorted and shared constantly, and this makes businesses in the manufacturing sector ideal candidates for hacking. The motivations for cyberattacks can be for obtaining confidential customer information or for hackers wishing to gain access to one or more specific parts of the supply chain.
The issue of supply chain cybersecurity in Vancouver is not new, but awareness of the risks associated with it has grown steadily. There is no genuine shock, given the number of recent highly publicized data breaches, DDoS attacks, and the increasing expense and complicated nature of solving these problems. With the restrictive design, pricing, and contract intelligence that runs through supply chains, businesses will need to account for and address any cybersecurity and computer network security risks in their planning and execution.
While this task seems effortless and painless, it will require supply chain leaders to have an understanding of the trade-offs between performance opportunities and cybersecurity risks. Even a quick lapse in the security of manufacturing companies can lead to major losses. This will not only reduce the profitability of the business but brand reputation and trade secrets can also be at significant risk. Cyber-based data gathering has become one of the go-to methods for a variety of reasons, including the following:
While the Finance industry has been a well-known target of ransomware attacks and other cyber threats, the manufacturing industry has seen an uptick in attacks.
The 2020 Data Breach Investigations Report from Verizon detailed a full analysis of nearly 20 industries. The Manufacturing industry was listed as the eighth-most attacked sector in 2019, but their ranking reached number 2 in the 2020 report. This report revealed that, while cybercrime and cybersecurity remain a problem for every industry, there are key differences across the board.
For instance, 23% of malware incidents involved malware in the Manufacturing industry. Malicious actors utilizing malware obtain exclusive data for financial gain, accounting for nearly 30 percent of Manufacturing breaches. In the Manufacturing industry, every second of downtime is critical and costly. This industry became even more vital and critical than before, especially after the COVID-19 pandemic and the need for critical supplies.
The manufacturing sector saw rising activity across Canada and other parts of the globe, and this could be due to the malicious actors targeting the industry at its busiest and most vulnerable time. Social attacks and credential theft such as phishing result in the majority(over 70 percent) of breaches. Over 70 percent of incidents are financially motivated, with payment data and personal credentials being threatened to be released via public websites. Over 41 percent of incidents lead to data disclosure.
Customer privacy, intellectual property security, and physical disruption are all connected. Information technology, supply chain, and operational technology will both need to be considered during the creation of a risk management strategy. Unfortunately, many businesses will only focus on one of these aspects instead of considering their correlation — this will leave the entire landscape vulnerable to an attack.
”I did not think we would become a victim of an attack” is a statement all compromised businesses will make. The truth is, every business is a target because all businesses are linked to someone else’s supply chain. How can you reduce risk and make your business safer? One of the most important steps you can take is making a list of all the businesses you share data with and where that information is being housed.
After the creation of your list, you may have a few startling realizations:
The defence of assets in the manufacturing industry starts with a clear policy, a solid foundation, and resources to provide greater knowledge and control in every aspect. At Compunet Infotech, we provide Managed IT solutions and support for manufacturers. Canadian manufacturing sales have hit the highest level since 2019. Will your business be prepared for this growth?
Production, ERP systems, digital automation, etc. all depend on a solid and reliable IT infrastructure. Does your business have the tools and resources in place to provide much-needed support while managing costs? Technology can have a major impact on your business’s bottom line by reducing costs. We understand that your company will require 100 percent reliability 24/7/365.
We can work with your business to streamline your processes with integrated applications and provide the high-quality support you need to survive in an industry that continues to be under attack by ransomware and other cyberattacks. Are you ready to discover how we utilize the latest technologies to transform manufacturing businesses? Contact one of our manufacturing IT experts today at (604) 986-8170 or email us at firstname.lastname@example.org.