Cyber attacks are on the rise in the United States and throughout the world. With more access to information, hackers are finding creative ways to mine sensitive data on companies and individuals. And while most people think that industries such as technology and social media are more vulnerable, in reality every industry has its weaknesses in this new digital landscape.
According to CSO Online, cyber crime damage costs are expected to hit $6 trillion by 2021. This means that costs will double compared to the 2015 rate of $3 trillion. Manufacturing happens to be in the top three industry bracket facing attacks, and has been consistently attacked in recent years.
The industry is only increasing as a target due to intellectual property being at a premium and the dependency on the Internet of Things (IoT). Here are some threats facing the manufacturing industry today.
Threats to the Industry
The industry faces a variety of threats, both general in nature and specific to manufacturing, from threats taking place on the inside to technical ones. Malware continues to be a major threat to manufacturing and it’s coming the form of web-based downloads and Trojan horses.
Hackers are finding easier ways to access vulnerabilities due to code execution and are targeting the manufacturing sector for the sake of data and financial theft. One way the industry is doing its best to guard against the damages of these attacks is by pursuing manufacturers insurance, which can help protect the integrity of a company.
Cyber criminals appear to be utilizing phishing emails to break into manufacturing servers. By sending spam emails with malicious attachments they are easily accessing the data and account information they need.
Many cyber attackers target corporate networks where they can steal valuable property. At this time, manufacturing companies are not being held to compliance standards compared to other industries like healthcare or the financial industry. Because of this risk is at an all-time high.
Some of these cyber attacks go undetected and allow hackers to grab a strong hold on networks of organizations. While they continue to go undetected, they have the ability to wreak as much havoc as they want.
What Can Be Done?
Manufacturing companies need to understand that being kicked offline and shutting down any kind of production can be a major setback. A simple spam email can cost the company major dollars until the system is back up and running. Investing in manufacturers insurance and also installing more hyper-vigilant data security are ways to keep threats at bay.
About Newman Crane & Associates Insurance
Deciding what coverage you need and what limits and deductibles make the most sense can be tricky. Since 1965, Newman Crane & Associates Insurance has been helping Central Floridians make sense of their options and make the smartest choices for their circumstances. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (407) 859-3691 for a consultation.