Manufacturers ‘vulnerable’ to hacking
9 May 2016
EEF, the manufacturers’ organisation, has urged companies in the UK to step up their cyber security efforts because they risk missing out on the fourth industrial revolution.
A survey conducted by the EEF reveals that just under half of manufacturers (46%) have failed to increase their investment in cyber security in the past two years.
That figure rises to 56% among small companies, the EEF said.
As technology and data start to play increasingly critical roles in manufacturing, companies will inevitably find themselves more vulnerable to cyber breaches
EEF chief economist Lee Hopley
According to the EEF, manufacturers might not be ready for the fourth industrial revolution if they fail to plan for cyber threats more effectively.
EEF chief economist Lee Hopley said: “As technology and data start to play increasingly critical roles in manufacturing, companies will inevitably find themselves more vulnerable to cyber breaches.
“Our survey highlights that investment in new technology isn’t being matched by investment in managing risks, especially among smaller firms.”
According to government data, 90% of large businesses and 74% of small businesses reported a cyber security breach in 2015. The average cost of these breaches was between £1.5 million and £3 million for a large firm and £75,000 to £311,000 for small businesses.
To help combat cyber-attacks, EEF has launched an online tool that is designed to benchmark a company’s level of cyber security.
“The fact is that technology will transform our industry, opening up immense opportunities and possibilities,” said Chris Richards, senior policy adviser at the EEF.
“But risks run alongside the rewards and it’s important that manufacturers are able to identify, understand and put the correct strategies in place to keep their businesses safe and cyber secure,” he added.
Responding to the EEF’s survey, Simon Acott, business and partner development director at Cloud infrastructure firm Exponential-e, said manufacturers must also introduce policies and processes that maintain the integrity of their networks.
“By exercising due diligence and contracting with third party providers that have certified platforms and a rich portfolio of advanced security services, manufacturers will be able to build collaborative networks that connect with other trading partners but avoid the risk of being exposed,” Acott said.
