By Gordon Sayers, CEO, SoConnect Ltd
As digital transformation grows in manufacturing and engineering sectors, the urgency to build cyber resilience has never been more critical.
The Growing Cyber Threat Landscape
In recent years, we've seen a significant rise in cyberattacks in the manufacturing and engineering sectors. In fact, Manufacturing, Scientific, and Technical Services account for nearly 35% of all ransomware victims (1). This means cybersecurity is no longer simply an IT concern but a strategic business imperative.
From ransomware halting production lines to cybercriminals stealing cutting-edge designs, the threats are varied and sophisticated. The interconnected nature of supply chains further intensifies these risks, making a single vulnerability a gateway to widespread disruption and damage to your business.
Compliance and Regulatory Pressures
Regulatory requirements around data protection and cybersecurity are tightening globally. Many industries are increasingly mandated to follow stringent standards. Failing to do so can result in hefty fines and legal complications. Complex regulations are challenging and this means that a proactive approach to cybersecurity is necessary.
The Impact of Digital Transformation
Digital transformation is essential for staying competitive but it also could introduce new vulnerabilities. Adopting Internet of Things (IoT) devices, cloud computing, and automated systems expands the attack surface, making traditional perimeter-based security measures insufficient. To get all the advantages of the cloud while keeping your data protected, you should adopt a complete approach to cybersecurity. One that encompasses technology, processes, and people.
Building Cyber Resilience: A Strategic Approach
Cyber resilience goes beyond simply defence against attacks; it's about ensuring your business can withstand and recover from incidents with minimal impact. Here are some of the critical factors that should go into your Cyber Resilience strategy:
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Risk Assessment and Management: The first step is to understand the specific cybersecurity risks facing the business. This involves identifying critical assets, assessing vulnerabilities, and prioritising risks based on their potential impact.
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Implementing Strong Cyber Hygiene Practices: Basic cyber hygiene practices, such as regular software updates, strong passwords, multi-factor authentication, and securing access to your building, can prevent attacks.
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Employee Training and Awareness: People are often the weakest link in cybersecurity. Regular training on recognising phishing attempts, safe internet practices, and the importance of cybersecurity can significantly reduce the risk of insider threats.
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Incident Response Planning: A well-prepared incident response plan ensures that the company can quickly respond to and recover from cyber incidents.
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Investing in Advanced Security Technologies: Advanced cybersecurity technologies like encryption and network monitoring tools are becoming essential for detecting and mitigating threats.
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Collaboration and Information Sharing: Collaborating with industry peers, government agencies, and cybersecurity experts can provide valuable insights into emerging threats and best practices.
Building cyber resilience is no longer optional. But it doesn't have to be complicated. By making cyber resilience part of your overall business strategy, you'll protect your firm against current threats and build a foundation for future growth and innovation.
It’s an investment that secures the promise of digital transformation while protecting the innovation and quality that defines the Engineering and Manufacturing sector.
Rebooting Your Cyber Resilience Strategy
CeeD members are invited to join SoConnect for a Cyber Scotland Week webinar. They will explore how the cyber threat landscape has transformed in recent years and what that means for your current resilience strategies.
Whether you want to update your cybersecurity strategy or build one from scratch, this session will provide valuable insights and practical steps to enhance your cyber resilience.
Title: Rebooting Your Cyber Resilience Strategy
When: 29th February 2024, 11 am to 12 pm
Where: Microsoft Teams
Speakers: Gordon Sayers, Chief Executive Officer, SoConnect, Euan Stewart, Chief Technology Officer, SoConnect.