Manufacturing has become increasingly reliant on modern technology, including industrial control systems (ICS), Internet of Things (IoT) devices and operational technology (OT). While these innovations boost productivity and streamline operations, they’ve vastly expanded the cyberattack surface.
According to the 2024 IBM Cost of a Data Breach report, the average total cost of a data breach in the industrial sector was $5.56 million. This reflects an 18% increase for the sector compared to 2023.
Apparently, the data being stored in industrial control systems is data worth stealing. Plus, the disruption due to even a single hour of downtime makes manufacturing a juicy target for cyber criminals.
What type of cyberattacks impact the industrial sector? And what can manufacturers do to protect themselves from these threats? Let’s find out.
The impact of cyberattacks on manufacturing
According to the 2024 IBM Cost of a Data Breach report, data breaches cost industrial organizations 13% more than the $4.88 million global average. Furthermore, the sector experienced the costliest increase of any industry, rising by an average of $830,000 per breach over last year. This cost spike could reflect the reality that manufacturers are highly sensitive to operational downtime. For example, the average car maker loses $22,000 per minute when the production line stops.
Unfortunately, the pain doesn’t end there. The time to identify and contain a data breach at industrial organizations was above the median industry, at 199 days to identify and 73 days to contain ..
Support the originator by clicking the read the rest link below.
