Dive Brief:
- Within the past year, 40% of survey manufacturing companies were affected by cyberattacks, 38% of which incurred more than $1 million dollars in damages as a result, Modern Materials Handling reported Tuesday.
- Mobile applications are a cause of vulnerability for many, according to the Deloitte and Manufacturing Alliance for Productivity and Innovation survey of 225 executives, and an increase in the number of connected supply chains further increases the risk of suffering a cyberattack.
- While 45% of executives say they employ mobile apps and 35% mention sensor controls, only 60% include connectivity within their cyberattack reaction response, leaving intellectual property vulnerable.
Dive Insight:
Cybersecurity risks are rapidly growing as the rush to modernize leaves many companies exposed to hackers seeking to steal intellectual property and other sensitive information.
The threats are so prevalent that the U.S. government recently began training business leaders on securing their supply chains, and Microsoft published a due diligence checklist to ensure cloud implementations meet security standards.
Yet, a connected supply chain is a more effective one, better able to absorb and process errors, changes and disruptions. Companies relying on connectedness have the opportunity to meet fulfillment speed and demand, as access to data can improve forecasts and reveal inefficiencies.
However, given that the costs of vulnerability are so high, executives looking to reap the benefits of connected supply chains must also include cybersecurity measures in their implementation strategy. Identifying and locating proprietary information, viewing your system from a potential hacker's point of view, prioritizing cybersecurity and updating methods of incursion will help protect precious information.
