In the world of manufacturing, distribution, shipping, and other related industries, supply chain risk management is a key operational goal. Focusing on supply chain risk management reduces the chances that a disruption will have a direct impact on a company's productivity — and profitability. It allows a company to maintain business continuity, either providing goods and services to other businesses or consumers, by reducing the possibility of errors, malicious incursions, and many other problematic issues.
As the architectural, engineering, and construction (AEC) industry embraces digital transformation, they are reaping many benefits. Unfortunately, they are also being exposed to additional threats inherent in working in a digital environment. While construction firms and their kin are more reluctant to rely on digital technologies, they are also slower to understand the vulnerabilities associated with these tools.
The news is full of disasters in recent years. From the ongoing pandemic to natural disasters like floods, fires, and hurricanes, not to mention the threat of data breaches are affecting small businesses across the nation.
Nothing proved the need for cybersecurity best practices in the supply chain lifecycle more than last year’s coronavirus pandemic. Malicious actors around the globe took advantage of the disruption to launch ever more pervasive attacks at industries across the board. Supply chain attacks, or when hackers put malicious code or components into a trusted product to hijack systems along the distribution chain, are increasingly common.
Energy and utility companies seem to have a target on their backs when it comes to cybersecurity. Hackers are financially motivated, and with more of these companies paying ransoms for stolen data, hackers are becoming bolder — and more demanding.
With cyberattacks skyrocketing, more companies are taking a closer look at their cybersecurity practices to ensure their data is protected. Small businesses are particularly at risk, with 43% of attacks aimed at them, in part due to their lack of resources to defend against malicious actors. Complicating the issue is the continuing coronavirus pandemic, which has forced many businesses to rely on remote workers or a hybrid office environment to survive — broadening the attack landscape significantly.
The manufacturing industry has been under attack by cybercriminals, especially as the coronavirus pandemic wrought havoc on supply chains and disrupted business processes in 2020. Incidents involving ransomware directly affecting manufacturing increased by 156% from 2019 to 2020 and malicious groups used ransomware to extract $17 million from a maker of laptops and $34 million from an electronics company.
Cybersecurity has been a business need for years, with hackers constantly evolving new methods of attack to gain access to sensitive data.
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Data breaches are a growing concern as they continue to increase year over year. And no industry is safe, as hackers increasingly target systems with lack of instrumentation and monitoring — that is, poor cybersecurity protections.