Cyber threat to manufacturers on the rise – report

Cyber Security: UK manufacturing found that 42 per cent had experienced a direct cyber threat in the previous year, with around one in four (26 per cent) sustaining significant financial losses between £50,000-£250,000. The remaining 74 per cent said that good cyber security processes were responsible for preventing any business impact when attacks took place.

Two-thirds of respondents to the survey said the importance of cyber security had increased in the last year. Despite this, over half (54 per cent) failed to adopt any additional cyber security measures in the previous 12 months, with the cost of the initial outlay the biggest challenge for companies (40 per cent), followed closely by the cost of maintaining systems (35 per cent).

“Digitisation is revolutionising modern manufacturing and becoming increasingly important to drive competitiveness and innovation,” said Stephen Phipson, CEO of Make UK.

“While cost remains the main barrier to companies installing cyber protection, the need to increase the use of the latest technology makes mounting a defence against cyber threats essential. No business can afford to ignore this issue and while the increased awareness across the sector is encouraging, there is still much to be done.