The Latest Cybersecurity In The Manufacturing Industry Statistics Explained
Cyberattacks cost manufacturing companies an average of $17.9 million per year.
This statistic indicates that, on average, manufacturing companies incur a financial loss of $17.9 million per year due to cyberattacks. Cyberattacks in the manufacturing sector can lead to disruptions in operations, theft of intellectual property, and compromised sensitive data, all of which contribute to significant financial damages. These costs encompass various aspects such as remediation efforts, lost revenue, reputational damage, regulatory fines, and legal fees. The substantial financial impact highlights the importance for manufacturing companies to invest in robust cybersecurity measures to protect their assets, operations, and overall business continuity from cyber threats.
48% of manufacturers report losing sales due to cyberattacks.
The statistic that 48% of manufacturers report losing sales due to cyberattacks indicates the significant impact of cybersecurity threats on the manufacturing industry. This statistic suggests that nearly half of manufacturing businesses have experienced financial losses as a direct result of cyberattacks, highlighting the vulnerability of the sector to digital security breaches. These cyber incidents likely result in disruptions to operations, loss of valuable data, and potential damage to customer trust, ultimately leading to revenue losses for affected manufacturers. This statistic underscores the critical importance for manufacturers to strengthen their cybersecurity measures and invest in robust protective strategies to safeguard their operations and mitigate financial risks associated with cyber threats.
40% of manufacturers have been impacted by ransomware attacks.
The statistic ‘40% of manufacturers have been impacted by ransomware attacks’ suggests that a significant portion of manufacturing companies have experienced the negative consequences of ransomware incidents. This statistic implies that a substantial number of manufacturers have had their operations, data, or systems compromised due to ransomware attacks, potentially leading to financial losses, disruption in production, and compromised sensitive information. The high percentage indicates that ransomware attacks pose a significant threat to the manufacturing industry, emphasizing the importance of robust cybersecurity measures and proactive strategies to mitigate the risks associated with cyber threats in this sector.
70% of organizations believe that their security risk increased significantly in 2017.
The statistic “70% of organizations believe that their security risk increased significantly in 2017” suggests a prevailing concern among a majority of businesses regarding the escalation of security threats over the past year. This figure indicates a widespread perception within organizations that they are facing heightened levels of risk in terms of cybersecurity, data breaches, and overall vulnerability to threats. Such a high proportion of organizations expressing this belief underscores the importance of prioritizing and investing in robust security measures to safeguard sensitive information and maintain operational integrity in the face of evolving threats.
Industrial control systems in manufacturing reported over 200 vulnerabilities in 2017.
The statistic indicates that in the year 2017, industrial control systems used in manufacturing industries were found to have over 200 vulnerabilities. Industrial control systems are crucial components that help manage and automate various processes in manufacturing facilities. The presence of vulnerabilities in these systems implies potential weaknesses or flaws that could be exploited by malicious entities to disrupt or compromise the operations of manufacturing plants. It highlights the importance of securing industrial control systems to ensure the reliable and safe functioning of manufacturing processes, underscoring the need for proactive measures to address and mitigate these vulnerabilities to safeguard critical infrastructure and operations.
50% of manufacturing companies do not currently disclose cybersecurity risks in their financial filings.
The statistic that 50% of manufacturing companies do not currently disclose cybersecurity risks in their financial filings highlights a concerning gap in transparency and disclosure practices within the industry. Cybersecurity risks pose a significant threat to organizations in today’s digital era, and failure to disclose such risks could lead to potential vulnerabilities and financial implications in the long run. The lack of transparency in financial filings regarding cybersecurity risks could impact stakeholders’ ability to make informed decisions, such as investors assessing risk exposure or regulators monitoring compliance. Moving forward, there is a critical need for manufacturing companies to enhance their disclosure practices to ensure better risk management and safeguard against potential cyber threats.
21% of manufacturers experienced loss of sensitive data due to a cyberattack.
The statistic ‘21% of manufacturers experienced loss of sensitive data due to a cyberattack’ indicates that a significant proportion of companies within the manufacturing industry have fallen victim to cyberattacks resulting in the compromise of sensitive information. This data point highlights the growing threat of cybercriminals targeting manufacturing firms and the potential impact on confidential data security. The statistic underscores the importance of implementing robust cybersecurity measures within the manufacturing sector to mitigate the risk of data breaches and protect valuable information from external threats.
Global spending on cybersecurity in manufacturing was $3.7 billion in 2020.
The statistic “Global spending on cybersecurity in manufacturing was $3.7 billion in 2020” refers to the total amount of money invested worldwide specifically in cybersecurity measures within the manufacturing industry during the year 2020. This spending encompasses various strategies, technologies, and services implemented by manufacturers to secure their systems, networks, and data against cyber threats and attacks. The significant financial allocation underscores the industry’s recognition of the increasing importance of cybersecurity measures in protecting sensitive information, intellectual property, and operational processes from potential risks and breaches inherent in the digital landscape.
The automotive manufacturing sector had a cybersecurity breach disclosure rate 51% higher than the average across industries.
The statistic implies that the automotive manufacturing sector had a cybersecurity breach disclosure rate that was 51% above the average rate observed across all industries. This suggests that companies within the automotive manufacturing sector were more likely to disclose cybersecurity breaches compared to other industries. The higher disclosure rate could be due to various factors, such as the increased vulnerability of the automotive sector to cyber threats, regulatory requirements specific to the industry, or a proactive approach by companies in the sector towards transparency and accountability in managing cybersecurity risks. This statistic indicates that cybersecurity breaches are a significant concern within the automotive manufacturing sector and underscores the importance of implementing robust cybersecurity measures to protect sensitive data and maintain trust with stakeholders.
61% of manufacturers have experienced cybersecurity incidents affecting their data in the last two years.
The statistic ‘61% of manufacturers have experienced cybersecurity incidents affecting their data in the last two years’ indicates that a significant majority of manufacturers have been impacted by cybersecurity breaches within a relatively recent timeframe. This suggests that the manufacturing industry is particularly vulnerable to cyber threats and highlights the importance of implementing robust cybersecurity measures to protect sensitive data and systems. The high prevalence of incidents in such a short period underscores the urgent need for manufacturers to invest in cybersecurity defenses, employee training, and proactive monitoring to mitigate risks and safeguard against potential future attacks.
6% of manufacturers feel they are “very prepared” for a potential cyberattack.
The statistic indicates that only 6% of manufacturers surveyed believe they are “very prepared” to handle a potential cyberattack. This suggests that the vast majority of manufacturers may not have sufficient measures in place to effectively prevent or respond to cyber threats. It highlights a potential vulnerability within the manufacturing industry, where cyberattacks can have serious consequences such as data breaches, operational disruptions, and financial losses. The low percentage of manufacturers feeling well-prepared underscores the need for increased cybersecurity awareness, investment, and strategic planning to enhance resilience against cyber threats in the manufacturing sector.
65% of manufacturers cite ‘Loss of IP’ as the greatest risk from a cyberattack.
The statistic that 65% of manufacturers cite ‘Loss of IP’ as the greatest risk from a cyberattack indicates that a significant proportion of manufacturers consider intellectual property theft as the top concern when it comes to cybersecurity threats. This suggests that manufacturers are aware of the potential impact cyberattacks can have on their proprietary information, such as product designs, trade secrets, and other sensitive data. The focus on ‘Loss of IP’ highlights the critical importance of safeguarding intellectual property from cyber threats, as such breaches can not only lead to financial losses but also damage a company’s competitive advantage and reputation in the market. Addressing this risk factor should be a priority for manufacturers in developing robust cybersecurity strategies to protect their valuable intellectual assets.
Manufacturing companies rated cyber risk as the 5th most significant threat facing their organization.
This statistic indicates that manufacturing companies view cyber risk as the 5th most substantial threat they are concerned about in relation to their organization. In other words, they believe that cyber threats, such as data breaches, hacking, or other cyber attacks, pose a significant level of risk to their manufacturing operations and overall business success. This ranking suggests that manufacturing companies are becoming increasingly aware of the potential vulnerabilities and consequences associated with cyber threats, highlighting the importance of implementing robust cybersecurity measures to safeguard their operations and data.
References
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6. – https://www.www.trendmicro.com
7. – https://www.us.norton.com
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