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The manufacturing sector, which comes third after government systems and finance in terms of cybercrime vulnerability, has some new data to ponder if it intends to address cyber risk head on.
The cybersecurity report, released today by EEF (the manufacturers’ organisation) and insurer AIG, zeroed in on where manufacturers in the UK currently stand in their fight against cybercriminals. And findings didn’t paint a rosy picture for the industry which employs 2.6 million people.
Described by EEF chief executive Stephen Phipson CBE as among the least protected against cyber threats, the manufacturing sector isn’t too confident about how it stacks up against possible attacks. The survey, conducted by The Royal United Services Institute (RUSI), found that 41% of firms do not believe they have access to enough information to even assess their true cyber risk.
In addition, 45% feel that they do not have the right tools at their disposal. In fact, according to the study, 48% of manufacturers reported having been subject to cyberattack – about half of which cited accompanying losses. The figures do not include businesses that might not even be aware of their susceptibilities.
The report also noted a “worryingly large” 12% of those surveyed who admitted not having technical or managerial processes in place to either assess or mitigate risks. Also, perhaps more importantly, two-thirds of manufacturers do not have cyber insurance.
Carried out by RUSI in February, the survey featured a sample size of 161 responses from individual UK-based manufacturing businesses.
“More and more companies are at risk of attack and manufacturers urgently need to take steps to protect themselves against this burgeoning threat,” commented Phipson. “EEF has a vital role supporting manufacturers in the face of this challenge and we are working closely with RUSI, whose world-leading cybersecurity research programme is well established as a key voice, to understand the fight against the threat of ever-evolving cybercrime to the modern business.”
Phipson said failure in getting it right could cost the UK economy billions of pounds and put thousands of jobs at risk, not to mention delaying the supply of essential equipment to key public services and major national infrastructure projects.
“There is evidentially significant need for greater awareness and understanding of the importance of cyber risk management, not only to protect existing businesses, but to create more secure environments to grow and capitalise on the potential that digital technology advances bring to manufacturers,” commented Romaney O’Malley, head of UK regions & head of industrials at AIG Europe, who acknowledged that many manufacturers still do not consider cyber a principal risk.
