Cyberattacks are rising, and there’s no sign they’ll slow down soon. As attacks become more frequent and sophisticated, businesses of all sizes are putting a higher priority on bolstering their cybersecurity programs.
With cybercrime costing billions and growing, manufacturers must make cybersecurity an ongoing priority. Here are a few reasons why:
Increased Customer Satisfaction
Today’s world is more dependent on technology than ever before. We depend on it for communication (email, smartphones), entertainment (interactive video games, social media, apps), transportation (cars, boats, trains, planes), shopping (online and offline), health services, and much more.
This dependency on technology comes with a downside, however. With more sensitive data online, hackers can steal personal information, intellectual property, and more from businesses and individuals. This is why cybersecurity is so critical – it protects this valuable information and keeps cybercriminals at bay.
Increasing security measures can also help your customers feel safe doing business with you. By offering a flexible MFA platform, streamlining processes with SSO options, and providing training, you can show your clients that your company prioritizes their security.
Manufacturers who don’t take security seriously risk being exposed to costly, reputation-damaging attacks. The good news is that your business can thrive with a strong focus on cyber security for retail. The key is to ensure your employees understand the importance of protecting company data and implementing a robust cyber defense strategy.
Increased Productivity
For years, managers have pushed their teams to increase productivity to boost profits. While increasing productivity is a good goal, it should never be at the expense of security. The impact of a data breach can be catastrophic. It can result in lost sales, public backlash, damaged brand equity, lawsuits, and decreased profitability.
Cyberattacks are becoming more complex and sophisticated. A company’s risk profile rapidly evolves in an era of increased connectivity and interconnected devices. It’s essential to stay ahead of the threat landscape and conduct regular cybersecurity assessments, audits, and employee training.
Many manufacturers are taking a proactive approach to fighting cyberattacks. According to the Manufacturing Leadership Council, 62% of respondents reported having a formal cybersecurity plan. This is an increase from 33% with a proper plan in 2018. In addition, companies are prioritizing security by including it in contracts with clients or suppliers and making it part of their overall business processes. This is a great way to ensure your company has the proper controls to prevent an attack and minimize the potential financial impact.
Reduced Risk of Fraud
One of the biggest reasons that cybersecurity should be a top priority for manufacturers is that it can reduce the risk of fraud. This is because cyberattacks can often result in the theft of personal information, which can then be used to commit various types of fraud. Cybersecurity measures can help reduce the risk of this type of fraud by ensuring that data is protected and that employees know how to spot suspicious activity.
The world of cybersecurity is complex and constantly evolving, with new threats emerging almost daily. In 2021, researchers noticed an increase in “ransomware attackers” – criminal hackers that encrypt a company’s data and demand payment to decrypt it.
Fortunately, savvy leaders can use the current cybersecurity landscape to their advantage by building a solid security program with robust technical controls, policies and procedures, and employee training and awareness.
Increased Revenue
Cyber threats resulting from data breaches and infrastructure failures can have significant repercussions for the companies affected, including lost revenue. In addition, cyber attacks can damage a company’s reputation. As a result, manufacturing organizations need the proper security measures to protect their business.
The best way to do this is by investing in cybersecurity solutions. Manufacturers can ensure that their cyber security is as strong by providing employees with a flexible MFA platform, streamlining processes with SSO options, and offering training.
Manufacturers also need to ensure that any applications employees use are regularly updated. These updates are often released to fix any weaknesses in the application that hackers could exploit. It’s also essential for manufacturers to ensure that any external software or hardware they use is secured. This includes third-party suppliers. As the number of high-profile cyber attacks continues to increase, larger companies are paying close attention to the cybersecurity practices of their supply chain partners.
Increased Market Share
As the manufacturing landscape becomes increasingly digital, cyber threats are growing in scope and sophistication. These attacks can sometimes threaten a company’s ability to operate. Major data breaches, network outages, and crippling ransomware incidents can have similar repercussions to natural disasters – impacting internal operations, the supply chain, brand reputation, and customer loyalty.
Fortunately, more manufacturers are taking a disciplined approach to cybersecurity.
Manufacturers can improve their security by adopting a risk-based approach and creating a culture of security awareness. This requires collaboration between the C-suite and IT teams and communicating ROI and potential exposure. As buyers seek better functionality, transparency, and pricing, security providers should innovate with bundled offerings, geographic coverage, targeted customer groups, integration, and off-the-shelf analytics. This will help them unlock more customer impact and boost their bottom line.
