A Staggering 75% of Manufacturing Organisations Are Grappling With Cybersecurity Posing a Significant Risk to Global Economy.

The manufacturing sector, a cornerstone of our rapidly advancing world, is under threat. While Industry 4.0 holds the promise of efficiency and streamlined operations, the recent surge in cyber attacks is a stark reminder of the potential risks that could destabilise the global economy.

Attackers are capitalising on vulnerabilities in industrial control systems (ICS) and operational technology (OT) environments. These attacks, which range from ransomware infections to supply chain compromises, underscore the critical need for robust cybersecurity measures that are specifically designed to address the unique challenges of manufacturing operations.

However, according to a recent report published by e2e-assure, a leading threat detection and response provider in the manufacturing sector, a staggering 75% of manufacturing organisations have admitted to grappling with underperforming cybersecurity services.

Commissioned by e2e-assure, the study conducted by Censuswide surveyed 95 Chief Information Security Officers (CISOs) and cybersecurity decision-makers from manufacturing organisations employing 500-5,000 personnel. The results lay bare a growing dissatisfaction with existing cybersecurity provisions, urging a comprehensive reevaluation of defence mechanisms within the sector.

According to the report, 27% of manufacturing entities actively seek alternative cybersecurity providers, with an additional 48% acknowledging room for improvement with their current services. The urgency for fortified cybersecurity measures becomes palpable further as 78% of surveyed organisations confess to experiencing cyber-attacks, with less than 1 in 5 describing their resilience as satisfactory.

Notably, the study also found that outsourcing cybersecurity operations was more prevalent in manufacturing compared to other sectors like financial services, healthcare, and professional services. However, the study found this framework was significantly dissatisfying within this framework, with 63% of CISOs lacking confidence in the efficacy of threat intelligence and highlighting issues such as opaque pricing, inflexible contracts, and inadequate real-time visibility.

At least 35% of CISOs cite escalating false positives, 34% the necessity to incorporate new services, 27% a lack of proactive measures, and 26% tardy response times to service level agreements as their top frustrations with current providers. 

In response to these challenges, 53% of CISOs interviewed plan to either internalise cybersecurity operations (31%) or adopt a hybrid approach (21%) in their upcoming procurement cycles. Additionally, 29% intend to seek specialised expertise to address deficiencies in their current cybersecurity provisions.

The statistics provided by the Censuswide study concur with other studies carried out by similar organisations focusing on manufacturing. In 2021, a comprehensive report by IBM Security revealed that manufacturing emerged as the most targeted industry for cyberattacks, with ransomware and vulnerability exploitations imprisoning businesses and burdening global supply chains.

Attackers wagered on the ripple effect that disruption in manufacturing organisations would cause downstream supply chains, pressuring them into paying ransoms. An alarming 47% of attacks on manufacturing were due to vulnerabilities that victim organisations had not yet or could not patch, highlighting the need for organisations to prioritise vulnerability management.

The report found that around 51% of manufacturing companies experienced cyberattacks on their cloud infrastructure. The nearly 33% increase in manufacturing cyberattacks over the previous year underscores the urgency. Of these attacks, 44% occurred because companies neglected patch management. Once seen as a boon, the cloud now poses risks that manufacturers must address.

According to statistics from 2022, approximately a quarter of detected cyber attacks worldwide were directed at the manufacturing industry. This figure represents a notable increase compared to previous years. Specifically, between 2019 and 2020, the share of manufacturing cyber attacks jumped from 8% to nearly 18%, while between 2020 and 2021, a 52% increase was noted.

The impact of cyber-attacks extends beyond immediate financial losses and operational disruptions, including significant damage to brand reputation, eroded customer trust, and legal ramifications due to regulatory compliance breaches. The statistics above underscore an immediate and critical need for a paradigm shift in cybersecurity strategies within the manufacturing industry, a shift that requires your expertise and decisive action.