42% OF BRITISH MANUFACTURERS have been a victim of cyber crime over the last 12 months. According to latest research performed by Cyber Security: UK manufacturing, published today by Make UK, the manufacturers’ organisation and intelligent security software and services provider, BlackBerry.
Over a quarter of respondents (26%) reported substantial financial loss as the result of an attack, with values ranging from £50,000 to £250,000.
Businesses continue to adopt advanced digital technologies as they are introduced into the markets. Leading to increased exposure to cyber security threats. Cyber security measures are necessary for all companies.
54% of british companies decided not to take any further cyber security action despite the adoption of new technologies to boost production. The cost of the initial outlay on cyber security remained the main barrier for 40% off companies surveyed along with the the cost of maintaining systems.
UK manufacturers face a battery of cyber security risks, ranging from simple employee error through to complex targeted attacks. The top three cybersecurity vulnerabilities were identified as maintaining legacy IT (45%), a lack of cyber skills within the company (38%) and providing access to third parties for monitoring and maintenance (33%).
The research found that production stoppages were the most common result of a cyber-attack (65%), reputational damage ranking second (43%). Companies further revealed that new customers now want reassurance on details of the cyber security in place before signing contracts.
Industry 4.0 and adoption of the industrial Internet of Things (IoT) is shown to be the biggest driver for one in three organisations (30%). These new IoT processes, such as automated sensors driving efficiencies, sit at the heart of manufacturing production, are seen as business critical, driving companies to spend more to protect them. However, just over a third (37%) say that concerns about cyber vulnerability have prevented the introduction of new connected technologies into their organisation, hampering potential productivity gains and holding companies back from growth.
Targeted attacks are the most common, with smaller companies often the most vulnerable, yet many offering no cyber security training to staff. Sixty-two percent of manufacturers now have a formal cyber security procedure in place in the event of an incident, up 11% on last year’s figures with the same number giving a senior manager responsibility for cyber security. More than half (58%) have escalated this responsibility to board level.
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