One look at the numbers is all it takes for a stark wakeup call on cybersecurity.

2021 had the highest average cost ever for data breaches at $4.24 million USD according to the “Cost of a Data Breach Report 2021,” an annual report that IBM has produced for the last 17 years. A Deloitte and MAPI (Manufacturers Alliance for Productivity and Innovation) study, Cybersecurity for Smart Factories, cited that 40% of manufacturers experienced a cybersecurity incident over the rolling twelve months before that survey. Of those incidents, the average cost for IoT-focused attacks was roughly $330,000 USD, while data breaches cost $7.5 million USD.

These reports – along with many others – make clear that cybersecurity threats are accelerating for everyone, and especially manufacturers. In the last few weeks of 2021, manufacturers faced unprecedented levels of ransomware attacks. All manufacturers need a proactive security plan in place to avoid or minimize risks of attacks. As the joint Deloitte-MAPI report pointed out, attacks have also “affected safety systems, increasing the risk of harm to humans.” Beyond the monetary cost, there is also a human cost to safeguard.

With these considerations in mind, Plex asked manufacturers about their response to security and risk mitigation. Here are some of the key takeaways:

• 48% of manufacturers are actively monitoring cybersecurity to minimize risk.
• One-third of manufacturers cite cybersecurity and risk mitigation as a major threat to growth.
• 61% of manufacturers do not have a plan in place for operational disruption.

These stats are an important reminder that business continuity needs a focused plan. Monitoring cybersecurity and having a plan in place is vital to all manufacturers, regardless of technology adoption. A multi-layered defense along with a strong auditing and compliance focus that ensures controls are followed will protect your company.

Download the Cybersecurity Edition of the 7th Annual State of Smart Manufacturing Report to benchmark your cybersecurity efforts against 300+ global manufacturers, discover more key findings, and access a roadmap for safeguarding your future.