In today’s era of technological advancements and upgrades in the manufacturing industry, the security risk has become a concern. No doubt, the smart manufacturing industry offered a lot of benefits to industry leaders and the public as well but this has brought some cyberthreats along with it. 

In a survey conducted by Deloitte, it was found that almost half or around 48% of manufacturers view operational risks as a hindrance to their smart factory initiatives. This underscores the growing significance of cybersecurity in the manufacturing sector, with market projections anticipating its value to reach an impressive $29.85 billion by the year 2027.

The reason is high adoption of  IoT (Internet of Things) technology, robotics, AI, automation and many more relevant technologies as these give hackers the opportunity to enter the digital workspace and cause harm to the businesses. 

This attack highlights the importance of cybersecurity in the manufacturing industry.

Let’s discuss the role of cybersecurity in manufacturing industry and how it can be used.

Cybersecurity Risks for Manufacturing Businesses

Cybercriminals are interested in the manufacturing business because it has a lot of endpoints, old systems, and long supply chains, which all pose big security risks. With the rise of Industry 4.0, security holes have grown even bigger. 

In *2022, network and application problems (23%), system problems (19%), and malware (37%), were the main types of cyberattacks on manufacturing businesses. Taking care of these weaknesses is a must for strengthening defenses. Read our blog: Cyber Resilience: Ensuring Security for Smart Factories to know the strategic process for ensuring safety at workplace. 

 - Intellectual Property Theft:

Cyber espionage is a big problem because it could give competitors unfair benefits. Theft of new product or process designs hurts a company's place in the market and could even put it at risk of going out of business. It's hard to catch people stealing intellectual property, thus, it's essential to keep an eye on it.

 - Nation-State Sponsored Attacks:

Attacks on manufacturing businesses can be funded by nation states and cause broad economic problems. Cyber espionage by competitors looking for private study and data is a big problem.

 - Social Engineering Attacks:

Since more people work from home, there have been more social engineering and phishing scams. Because employees use devices that aren't secure, they can be hacked, which could put private information at risk.

 - Ransomware:

Cybercriminals use phishing as a way to get into ransomware attacks, in which they lock important data and demand payment. In the end, this stops output and costs a lot of money.

 - Supply Chain Attacks:

Cybercriminals can get into companies through their long supply lines. These strikes can go unnoticed, which leads to chaos and huge losses. Attacks on SolarWinds and Colonial Pipeline, which got a lot of attention, show how widespread the effects of supply chain leaks can be.

It costs a lot to pay ransom requests, and you can't be sure that your data will be returned. Less cyber insurance is being sold, which raises the risks. To protect the manufacturing industry from these new threats, it's important to be alert, take preventative steps, and use unified security measures.

Summing up

In the complex realm of manufacturing, cybersecurity concerns loom large. Protecting sensitive data isn't just about compliance; it's about securing the backbone of production. From the risk of supply chain disruptions to the ever-present threat of data breaches, manufacturers face a digital battlefield. The imperative is clear: fortify defenses.  It is essential to understand key aspects of cybersecurity to ensure every room of automation is safeguarded with necessary measures. 

By staying vigilant, implementing robust protocols, and fostering a cybersecurity culture, manufacturers can safeguard their operations and ensure a resilient future. As technology advances, so must our commitment to cybersecurity in manufacturing – a crucial linchpin in the evolving landscape of industry security.

Visit our Cybersecurity Solutions Category to explore advanced solutions that secure your automation systems and safeguard your business against evolving threats.