Manufacturing Cyber Security Breaches are becoming increasingly common, with high-profile companies like Yahoo, Marriot, eBay, Equifax, TJ Maxx, and Uber all experiencing significant security breaches. Even small businesses are not safe, as almost 50% of them have reported some form of cyber attack. The cost of these breaches can be devastating, affecting a company’s reputation, finances, and even legality.
For instance, Yahoo was fined $35 million by the SEC for failing to disclose a security breach that affected at least half a billion user accounts. The aftermath of the breach led to a significant decrease in brand reputation, with negative Twitter comments rising from 68% to almost 90%. eBay’s stock was also affected after a security breach exposed usernames, phone numbers, passwords, and physical addresses.
To avoid these costly consequences, businesses need to focus on cybersecurity, including dark web monitoring. The dark web is where most criminal activities occur, including the purchase of hacked accounts, credit card numbers, counterfeit money, drugs, and guns. Dark web monitoring involves monitoring all company information on the dark web and receiving notifications whenever it is found.
The biggest question is, what is the cost of manufacturing cyber security breaches? Let’s take a moment to discuss the true impact of hacking on a business. We’ll also talk about how you can avoid the costs.
What are the Implications of Manufacturing Cyber Security Breaches?
In recent years, cyber security breaches have become a major concern for businesses across all industries, including manufacturing. The effects of these breaches can be catastrophic, ranging from financial losses to reputational damage and legal implications. In this article, we will explore the costly effects of cyber security breaches on manufacturing companies.
One of the most immediate and significant effects of a cyber security breach on a manufacturing company is financial loss. The costs associated with remediation, system recovery, and legal fees can be astronomical. In addition, a company’s revenue may be impacted if customers lose trust in the brand and take their business elsewhere. According to a 2020 IBM study, the average cost of a data breach for a manufacturing company was $4.99 million.
Manufacturing companies rely heavily on their reputation to attract and retain customers. A cyber security breach can severely damage a company’s reputation, leading to a loss of trust and credibility. Customers may view the company as irresponsible or untrustworthy, and negative media coverage can spread quickly. Even if the company is able to recover financially, rebuilding its reputation can take years and may never fully recover.
Manufacturing companies must comply with numerous regulations and standards related to data privacy and security. A cyber security breach can lead to legal implications and fines for non-compliance. In addition, affected customers or employees may file lawsuits against the company for damages related to the breach. These legal implications can further exacerbate the financial impact of a cyber security breach.
How to Avoid the Costs
As you can see, the cost of manufacturing cyber security breaches can be damaging to your business in many ways. The key to avoiding these costs is to focus on cybersecurity. Specifically, you need to do dark web monitoring. The dark web refers to websites that haven’t been indexed by search engines. This is where all of the criminal activity takes place–the purchase of credit card numbers, guns, drugs, counterfeit money, and hacked accounts.
Dark web monitoring is a process in which you monitor all of your information on the dark web as well as receive notifications whenever your information is found. Monitoring the dark web isn’t always easy as these types of website work diligently to ensure that they remain hidden from search engines. In many cases, they can only be accessed with special web browsers.
This is why many companies are starting to hire professionals to do dark web scanning for them. They scan the web for your emails, social security numbers, and phone number to ensure that they have not ended up in the wrong hands. The best thing about dark web scanning is that it gives you the ability to be proactive about hacking attempts.
Best Practices for Preventing Manufacturing Cyber Security Breaches
Now you’re probably wondering, how can manufacturing cyber security breaches be prevented? Here are some ways that manufacturing companies can avoid a breach:
- Educate employees: One of the most important things a company can do is educate their employees on best practices for cybersecurity. This includes things like how to create strong passwords, how to identify phishing attempts, and how to recognize potential threats.
- Implement security policies: Companies should have clear security policies in place that outline how employees should handle sensitive information, what kind of software and hardware is allowed, and what to do in the event of a security breach.
- Use two-factor authentication: Two-factor authentication adds an extra layer of security to your accounts by requiring a second form of verification in addition to a password. This can include things like a fingerprint scan, a text message, or a security token.
- Keep software up-to-date: It’s important to keep all software and firmware up-to-date with the latest security patches and updates. This includes operating systems, applications, and other software that may be used in the manufacturing process.
- Perform regular backups: Companies should regularly backup important data and files in case of a security breach or other disaster. This can include things like financial records, customer data, and intellectual property.
- Use encryption: Encryption can help protect sensitive data by encoding it so that it can only be read by authorized parties. This can include things like email communications, file transfers, and data storage.
- Limit access to sensitive information: Companies should limit access to sensitive information by only allowing authorized personnel to access it. This can include things like employee records, financial data, and intellectual property.
- Monitor network activity: It’s important to monitor network activity for signs of potential security breaches. This can include things like unusual login attempts, changes to user permissions, and unusual file transfers.
By following these steps, manufacturing companies can significantly reduce their risk of a cyber security breach and protect their sensitive data and intellectual property.
Protect Your Manufacturing Business with Reliable Cyber Security Services
As manufacturing becomes increasingly digitized, the need for robust cyber security measures grows more urgent. With the ever-present threat of cyber attacks, it’s crucial for manufacturers to safeguard their operations, data, and reputation from potential breaches. That’s where reliable manufacturing cyber security services come in.
By partnering with a reputable cyber security provider (like Sabre), you can take proactive steps to mitigate the risk of cyber attacks on your manufacturing business. From risk assessments and network security to incident response and compliance, manufacturing cyber security services can help you safeguard your valuable assets and maintain your competitive edge.
With tailored solutions designed to meet your unique needs, manufacturing cyber security services can provide 24/7 monitoring, threat intelligence, and vulnerability management to help you detect, prevent, and respond to cyber threats in real-time. By working with a trusted cyber security partner, you can focus on growing your manufacturing business with confidence, knowing that your operations are protected by industry-leading cyber security services.
If you’re a business owner, it’s important to keep in mind that hackers know how much destruction they can inflict upon small businesses. That’s because so many of these companies have weak cybersecurity protection and are rarely financially able to cover all of the damage. That’s why most will spend their time targeting smaller organizations.
It’s essential that you have a plan when it comes to cybersecurity. Sure, your physical location may be secure but if your data is not, then it can lead to huge consequences. The good news is that by working with the right company, you can ensure that your information is always in the right hands.
Want to learn more about cyber security? Take a look at our eBook designed to educate how Manufacturing Cyber Security Breaches can be avoided.