#1275951: UK manufacturers “woefully unprepared” against cyberattack

Description: More than half of manufacturers have been the victim of cybercrime, and a third of those have suffered some financial loss or disruption to business as a result, according to a major new report.

The manufacturing sector is the fifth most targeted for cyberattack in 2019, behind government systems and finance. Worryingly, however, industrial businesses remain among the least protected against cybercrime in Britain.

The new report – Cyber-Security and Manufacturing – A Briefing for Manufacturers, published by Make UK – reveals the full extent of the threat from loss of data and theft of capital and intellectual property (IP), to disruption to business and the catastrophic impact on a business’ trading reputation.

Alarmingly, all expert opinion points to the fact that many more attacks will have gone undetected, with businesses woefully unprepared to protect themselves against this ever-growing threat or to detect a breach after the event.

Cyberthreat is increasingly a business-critical issue, with 41% of manufacturers reporting that they have already been asked by a customer to demonstrate or guarantee the robustness of their cybersecurity processes.

Yet, when asked if they would be able to do this successfully, almost a third (31%) of businesses said they would be unable to give those guarantees of cybersafety if asked.

Real-world case study
In March 2019, a cyberattack brought a Norwegian aluminium producer to a standstill.

The incident occurred in March when one of the world’s largest aluminium producer NC Hydro was forced to switch to manual operation when their digital systems were infiltrated, and they became subject to a severe ransomware attack.

In the end, they had to halt production completely while the virus was isolated.

Some factories were forced to use printed order lists as they could not access data digitally and it’s believed that a ransomware virus known as ‘LockerGoga’ was used which encrypts data and then demands a ransom to decrypt the files.

The cost to the business is estimated to be NOK350m (£32m GDP).

Investment in the latest digital technologies is also being hampered, with many companies holding back from implementing the latest innovations for fear of increased exposure to cyberattack.
More info: https://www.themanufacturer.com/articles/uk-manufacturers-woefully-unprepared-against-cyberattack/

Date added Sept. 11, 2019, 4:36 p.m.
Source The Manufacturer
Subjects
  • Latest Global Security News
  • News United Kingdom
  • Surveys Results and Reports on IT Security