So, You Think of Cybersecurity Only As a Cost Center? Think Again.
U.S. manufacturers face a multitude of cybersecurity challenges that threaten their operations, reduce productivity, and jeopardize their intellectual property and data. For the past two years, the manufacturing sector has been the most targeted industry for ransomware attacks, with manufacturers spending an average of US$1.82 million per attack in 2023, not including any ransom payments.
Recommendations for Managing Cybersecurity Threats in the Manufacturing Sector
In the hyper-connected era of smart manufacturing, accelerated by “Industry 4.0,” the manufacturing sector is undergoing a digital revolution. By leveraging technologies such as advanced automation, artificial intelligence, the Internet of Things (IoT), blockchain, and the like, manufacturers continue to optimize production, increase efficiency, and drive innovation. However, this digital revolution brings with it complex cybersecurity risks and threats, creating significant implications for manufacturers.
In this white paper, which was jointly authored by Foley & Lardner and the Cybersecurity Manufacturing Innovation Institute (CyManII), we describe various types of cybersecurity risks and attacks faced by manufacturers and outline the robust cybersecurity measures and policies, including technical and legal measures, that entities in the manufacturing sector should consider.