Manufacturers not clear on the full risks of cyber attacks
Manufacturers urged to step up planning for cyber security.
More than ever, businesses are under attack from cyber criminals seeking to steal confidential customer information, business information, or using ransom-wear to extract money. Some of the world’s biggest brands have been hacked, but SMEs are also at risk.
The Manufacturers’ Association | EEF urges business to take threats more seriously as number and cost of breaches increase. A recent survey found that almost half of manufacturers have failed to increase their investment in cyber security in the past 2 years, 56% of small manufacturers, or is given serious attention by their board. Only one-third of manufacturers have an incident response plan in place and only 24% monitor cyber threats through business KPIs. 20% of manufactures don’t even make their employees aware of cyber risks in company policies
EEF is urging Britain’s manufacturers to step up their planning to counter the increasing number of cyber security threats as part of their efforts to be ready for the 4th industrial revolution. The call was made by EEF, the manufacturers’ organisation on the back of Government figures showing a rapid increase in both the number and cost of security breaches.
Manufacturing vulnerable to cyber breaches
As technology and data start to play increasingly critical roles in manufacturing, companies will inevitably find themselves more vulnerable to cyber breaches. The survey highlights that investment in new technology isn’t being matched by investment in managing risks, especially among SMEs.
Technology is set to transform manufacturing industry as part of the 4th industrial revolution, opening up immense opportunities and possibilities but risks run alongside the rewards. It is important that manufacturers are able to identify, understand and put the correct strategies in place to keep their businesses safe and cyber secure.
EEF’s findings, published in a new infographic, show that just under half (46%) of manufacturers have failed to increase their investment in cyber security in the past two years. Amongst small manufacturers this rises to 56%. Two in ten firms (20%) are not actively making employees aware of cyber risks, while less than six in ten (56%) say cyber security is given serious attention by their board.
Government figures show that, last year, 90% of large businesses and 74% of small businesses reported a cyber security breach – an increase on 2014. The average cost of these breaches was between £1.46 million to £3.14 million for a large firm and £75k to £311k for a small business.
Free online tool from EEF
In response to the threats and, to back its call, EEF has developed a free online tool which will enable manufacturers to benchmark their cyber security. They will also find useful information and links to further advice so that they can bring themselves fully up-to-speed with cyber issues and the risks for businesses. Manufacturers will also be able to register to take part in focus groups that the industry body is organising in a bid to help tackle cyber concerns.
To take the test or to find out more, visit: www.eef.org.uk/fourthindustrial.
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