Ransomware cybercriminals continue to target manufacturers
If your manufacturing clients are seeing cyber premiums increase, more ransomware incidents could be why.
According to a new report by industrial cybersecurity firm Dragos, out of 905 ransomware incidents Dragos tracked, 638, or 70%, affected the manufacturing sector.
Dragos noted about a 50% increase in ransomware attacks against industrial organizations between 2022 and 2023.
But what could be of more value than the knowledge of increased premium expectations is the reason why this sector is seeing so many ransomware attacks. If manufacturers are not willing to plug the holes in the dike, then they should prepare themselves for attack, as attackers will always pursue the most vulnerable risks.
Exploiting vulnerabilities
Lax defenses and the significant costs incurred by any impact to operations of industrial risks make them vulnerable to digital extortion. In looking at the manufacturing sector, the industry was quick to move into digital transformation and internet connectivity but did not invest in IoT security at the same time. Ransomware attacks not only impact operational efficiency but also lead to financial and reputational costs, and further still have trickle-down effects on downstream businesses and outputs.
As with many sectors, the manufacturing sector still struggles with segmenting networks like those that deal with human resources from operational technology networks that control operations. This gives a hacker broad access to the organization. Water and wastewater utilities moving into digitization are also vulnerable, with a need to secure entry to access points as they…
