Does your manufacturing line rely on automation? Have you automated the process to make your business more efficient and profitable? Many of our manufacturing clients have deployed hard earned capital on their machines and the automation that runs them to give them an advantage in the marketplace. And as the manufacturing processes become more reliant on automation the industry has moved up the list as one of the top targets for cybercriminals. With limited investment in overall cybersecurity controls, criminals are often able to gain access to production facilities without detection. Which presents a host of problems and puts your entire operation at risk.
What's At Risk?
With network access, cybercriminals are able to shut down assembly lines, steal intellectual property, or hold your business hostage in a ransomware attack. These criminals often gain access to your systems via a phishing email or come in through unknown network vulnerabilities. With a connected network of industrial equipment, a cyber criminal could shut down manufacturing and erase all automation controls as a part of a cyber incident.
Image for a second having to rebuild your entire system's automation for your production equipment. How long would that take? How much revenue would that cost you per day if you were shut down? In the wake of the attack, it would likely take some time to get back up and running. Not only would you have immediate income lost from the inability to produce your product but it could also affect your customers who rely on your product as a part of their supply chain. As a result, long term, they could move their business to avoid further delays and/or losses.
Intellectual Property Is Your Advantage
Manufacturing companies have more to lose than just time. Think about your intellectual property as it pertains to the products being made. Cybersecurity vulnerabilities can leave you exposed to questions that you may not have pondered.
- Does your operational technology have a proprietary mechanism that makes your margin bigger?
- Do you have a formulation stored in the technology that improves the efficacy of your product?
- Is your machining mechanism stable with fewer hands so that you run faster and more profitable?
When cybercriminals gain access to the inner workings of your systems and processes through a cybersecurity incident, they are able to steal your operational advantages and technology which is your intellectual property. But they can also destroy your system from the inside effectively crippling your ability to operate. This begs a single question. What if that information was able to fall into the wrong hands, it could be detrimental to your business? A successful attack could be enough to end your business altogether.
Cybersecurity risks should be a top concern for any manufacturing facility. Potential vulnerabilities in your network could lead to devastating financial loss to your business. Not only the cost of the loss of production but the cost to replace corrupt pieces of equipment could be enough to put you out of business. Understanding your cyber risks is the first step, the second step is investing in the right network security technology. The final step, should all else fail, is to invest in a robust cyber liability insurance policy. If you would like more information about cyber liability policies or to review your current coverage, call to speak with an agent at Insurance for Texans today.
