Many manufacturers use industrial control systems (ICS) as crucial digital tools. Known as automation systems, these tools are used to enhance production output.
These systems ensure consistent manufacturing, resulting in improved product quality. They can help reduce costs by:
Yet these systems pose a big cyberattack risk. Due to their automated nature, they lack the need for constant human intervention. While this makes the system highly efficient, it opens the door for potential harm.
Skilled hackers can breach ICS systems. This poses threats to human safety and causes significant disruption to society. In the event of a hacker issuing a command, the physical processes they control can be compromised. This can lead to disruption and even physical injuries.
Companies that are dependent on these systems face threats of both data theft and financial setbacks.
The best way to protect your business against these risks is to understand what you’re up against.
Simply put, yes. As advanced algorithms and device communication enhance these systems, the increased network interconnectivity means greater cybersecurity risks.
Over the last decade, instances of cyberattacks targeting ICS systems have surged.2 This has been accompanied by a notable rise in ransomware attacks.3
In 2022, more than 40% of operational technology (OT) computers were targeted in malicious cyber activity. This is according to data findings from Kaspersky.4
Hackers can have a horrific impact when manipulating ICS systems. The following unfortunate businesses experienced serious disruption because of cyberattacks:
A recent Censuswide survey revealed important findings. Many respondents from the manufacturing and engineering sector stated that they assessed their cybersecurity controls in 2022. This indicates a growing focus on cybersecurity within these industries.
Interestingly, nearly a third of businesses in this sector (31%) expressed intentions to review their cybersecurity controls in the coming year to address concerns. This suggests a heightened awareness of the risks associated with neglecting cybersecurity reviews. Especially compared to other businesses.7
Potential cyber risks for the manufacturing industry include the following:
Sources
1. conquer-your-risk.com/cyberattacks-ics-scada
2. infosecurity-magazine.com/why-industrial-attacks-increasing
3. techtarget.com/Dragos-Ransomware-topped-ICS-and-OT-threats
4. kaspersky.com/2023_industrial-sector-attacks-on-the-rise-an-annual-overview-by-kaspersky
5. bbc.co.uk/news/technology-62072480
6. securityweek.com/2022-ics-attacks-fewer-than-expected-on-us-energy-sector-but-ransomware-surged
7. charts.censuswide.com/CW11408MP/CW11408MP_VIbox.html
Other Sources
securityledger.com/cyberattacks-on-industrial-control-systems-jumped-in-2022
Many of our clients didn’t know where to start either. We work with our insurer partners to arrange a cyber insurance policy that is truly right for you. Simply call us or get in touch and we’ll call you.
Let us know what you'd like to learn more about, your question may help others too! An adviser will be in touch to answer your question shortly.