Cybersecurity resources are an important part of modern manufacturing. The manufacturing industry is constantly changing, and new technologies are being used to produce products faster and more efficiently. With these changes come new threats, so it is crucial to implement cybersecurity measures. If not, the development and growth of your business may be stalled. Therefore, investing in cybersecurity will pay off in the long run. It is also a good investment for your company’s reputation.
The cost of cybercrime
The costs of cybercrime are growing with the growing use of the internet for business. Businesses rely on data and internet connectivity to run their businesses. According to a recent report, the cost of cybercrime is the largest for individual consumers and small, upstart entrepreneurs. The internet has allowed even the smallest businesses to have a global reach. From its humble beginnings as an obscure network for researchers to its current $8 trillion-a-year e-commerce industry, the internet has connected more than two billion people.
Cyberattacks cost businesses and governments trillions of dollars annually. The cost for companies to pay a ransom is multiple the original cost. In a recent case, a ransomware attack on a water treatment facility in Florida resulted in a ten-million-dollar bill.
While the public sector and professional services are the primary targets of cybercrime attacks, the manufacturing industry is catching up.
The impact of cybercrime on manufacturers’ operations is immense. Developing emergency response tactics, enforcing data security, and training employees add to the costs. In addition, cyberattacks also result in high public relations costs. Fortunately, manufacturers don’t have to be blind to the risks of cybercrime, but they do need to invest in the latest cybersecurity technologies to stay competitive.
In recent years, the cost of cybercrime has increased. For example, a single malware attack cost a business more than $2 million in 2018. According to the report, a single attack will cost over a trillion dollars annually by 2025. In addition, cybercrime has become so widespread that no industry is immune from the high cost of a data breach.
The costs of cybercrime are enormous and don’t even include damage to intangible assets. Companies must also spend hours restoring data and reassuring investors that the breach won’t happen again. If cybercrime strikes a company repeatedly, it can ruin its reputation and deter investors. In addition, cybersecurity resources for manufacturers must not be forgotten, as information is communicated to multiple endpoints. Some of these endpoints depend on third parties, which are also vulnerable to attack. Third-party attacks exploit these vulnerable parties to access information on a company’s network.
The cost of implementing cybersecurity solutions
The cost of implementing cybersecurity solutions for manufacturers depends on several factors. In addition to the time and resources needed to implement the solution, companies must consider how to pay for cybersecurity services. Some companies provide cybersecurity services for a one-time fee, while others require ongoing investment. Fortunately, there are ways to reduce cybersecurity costs while receiving the same high-quality service.
For instance, not all data is equal. For example, customer information is sometimes more valuable than generic invoice numbers or policy documents. Additionally, companies cannot afford to spend endless resources protecting their data. Because of these challenges, most companies implement one-size-fits-all cybersecurity strategies. Despite this, most C-suite executives approve cybersecurity funding requests reflexively, particularly after recent data breaches.
In addition to implementing cybersecurity solutions, companies also need to assess the impact of a potential cyber attack. An attack could result in substantial costs to an organization and even lead to the company’s closure. The cost of a breach would likely exceed the cost of the cybersecurity solution, so it is essential to evaluate all options.
Another important consideration when calculating the costs for manufacturers is the type of cybersecurity products used. Some companies only need specialized software, while others may need additional cybersecurity experts. For example, in-house cybersecurity teams may be able to handle some of the security tasks themselves and only need additional cybersecurity software. However, companies starting from scratch might require additional cybersecurity employees or a third-party security operations center. In addition, they may need to hire an outside cybersecurity company to install the solutions.
Ultimately, the cost of implementing cybersecurity solutions for manufacturers depends on the industry they’re in. Several industries have a high level of risk, including the financial sector. As a result, companies in these industries must secure their data to comply with industry standards. These standards include PCI and HIPAA compliance, which require greater cybersecurity measures.
In addition to protecting data, implementing cybersecurity solutions for manufacturers can help protect their systems from cyber threats. Cyber security breaches can be extremely costly. Hackers can find a weakness in any system and exploit it. However, the average cost of implementing cybersecurity solutions is less than that of a cyber attack.
