The latest findings from the manufacturers' association Make UK and the security software and services company BlackBerry revealed that 42% of UK firms have experienced cyber-attacks in the last year. The survey found that 26% of respondents had significant financial losses as a result of an attack, with losses ranging from £50,000 to £250,000.
According to the study, production halts were the most frequent impact of cyberattacks (reported by 65% of those impacted), followed by reputational damage (43%). The majority of those who were attacked, 74%, claim that strong cyber-security measures shielded their companies from any harm.
The Cybersecurity: UK Manufacturing report, which was based on a survey of 112 businesses representing a wide range of sizes and industries, manufacturers face a variety of cyber-security risks, from straightforward employee mistakes to intricate targeted attacks. Maintaining legacy IT (45%), a lack of cyber-skills (38%), and granting access to outside parties for monitoring and maintenance (33%) are listed as the top three cyber-security concerns.
The industrial Internet of Things (IoT) and Industry 4.0 are seen as the primary drivers of cyberattacks by nearly one in three organizations (30%). A little more than a third (37%) claim that their organizations’ reluctance to adopt new connected technologies has limited their ability to increase efficiency and stifled their ability to expand.
Smaller businesses are frequently more susceptible to targeted cyberattacks, yet many do not provide staff training on cyber security. A formal cyber-security procedure is now in place for over two-thirds (62%) of manufacturers, which is an increase of 11% from a year ago. Over half (58%) have elevated this obligation to the board level, while a comparable percentage has given a senior manager responsibility for cyber-security.
Businesses are exposed to increased cyber-security concerns as they use more digital technologies. Ninety-five percent of respondents said they thought their businesses needed cyber-security measures, and two-thirds said that importance had increased over the previous year.
However, while implementing new technology to increase output, the majority (54%) have chosen not to take any further cyber-security precautions. Along with the cost of maintaining security systems, the initial outlay on cyber-security measures is considered the biggest obstacle (mentioned by 40% of businesses).
Russia, followed by China, according to three-quarters (75%) of those polled as the biggest cyber threat to their companies. 38% of people worry about threats coming from the UK.
“Digitisation is revolutionizing modern manufacturing and becoming increasingly important to drive competitiveness and innovation. While cost remains the main barrier to companies installing cyber-protection, the need to increase the use of the latest technology makes mounting a defense against cyber threats essential,” stated Make UK CEO, Stephen Phipson. No business can afford to ignore this issue and while the increased awareness across the sector is encouraging, there is still much to be done.
