Home / Cyber Risk Management in Manufacturing

Cyber Risk Management in Manufacturing

Manufacturing companies continue to contribute greatly to the health of the U.S. economy. According to the Bureau of Economic Analysis’ research findings, Goods Manufacturing was one of the leading sources of the 2.9% increase in real GDP from 2017 to 2018 for the annual US report. However, its success situates this industry to become increasingly attractive and vulnerable to cyber criminals, whether attacks are perpetrated by industry insiders or outsiders. In an industry whose operation depends on the confluence of IT/OT, we often see sub-optimal approaches to cyber security. As revealed in the CEA’s study of The Cost of Malicious Cyber Activity to the U.S. Economy, “manufacturers aim to speed up adoption by cutting costs, and the most commonly cut cost is that of security protection.” And as research affirms, this type of belt-tightening for the sake of the bottom line can lead to a costly sacrifice.

Truer to Manufacturing than other industries, cybercrime is a palpable threat from all angles. Verizon’s 2018 Data Breach Investigations Report declares that while other industries show organized crime as the main source of breach attempts with most attacks made for the purposes of financial gain, attacks on Manufacturers are predominantly driven by state-affiliated actors in addition to the organized crime groups showing a near 50/50 split in percentage for incentive being both financial gain and espionage.

Maxxsure offers a holistic measurement whereby your company can quantify cyber risk based on six pillars: governance standards, industry factors, organizational factors, situational factors, application vulnerability, and infrastructure vulnerability. Using consistent metrics and analysis arms leadership with a universally understood barometer of risk that allows them to properly manage cyber risk posture through monitoring, remediation, and transference, thereby insuring the appropriate allocation of investments in the cyber risk management program. Maxxsure helps every company in its determination of how to address cyber risk in context of its unique position in the industry while abiding by financial constraints. With these tools in place through Maxxsure, you will be empowered to focus on what matters to you: customers, shareholders, employees, and results.

Schedule A Conversation