IBM states that in 2015, manufacturing was the second most targeted industry for cyber attacks. As a result of this finding, cybersecurity concerns are taking the center stage on manufacturers’ list of priorities - in the top 10 section, to be exact.
A new report from BDO USA states that 9 out of 10 manufacturers (92%) are citing cybersecurity concerns in their SEC (U.S. Securities and Exchange Commission) disclosures this year. From 2013, there has been a 44% jump and the very first time cyber concerns have ranked on the top 10 lists of risk factors. Only 8% say they are very confident in their abilities to prevent and/or respond to a security breach.
Maintaining a competitive edge and ensuring security tactics are set in place has proved to be a very fine balance. As manufacturers continually develop smarter processes and products, there is a significant increase in data and network entry points on a daily basis.
Rick Schreiber, Partner and National Leader of the Manufacturing & Distribution practice and National Association of Manufacturers Board member, says, “As the industry races toward the next frontier, manufacturers must strike a balance between progress and security. Data analytics and the Internet of Things may spur the next industrial revolution, but with that comes increased exposure to cyber risk. Manufacturers still have some catching up to do to adequately protect their data, customers, products and factory floors.”
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