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Cybersecurity Paint By Numbers

March 23, 2021
Cybersecurity has become a serious issue impacting all types of organizations with a recent focus on manufacturers.

What do Molson Coors, Bombardier, Kia Motors, Palfinger, Foxconn, SteelcaseNissanSolarwindsKYB Corp.CMA CGMTesla and Honda all have in common? Each has made news in recent months for allegedly falling victim to a cyber security incident. And, unfortunately, the list keeps growing.

Simply put, cyber security is a growing issue within an increasingly digital world. And as this recent flurry of events has shown, manufacturers are right in the center of the crosshairs for many of today’s highly sophisticated hackers.

The scary part? There is a big difference between recognizing when an attack occurs and containing it. According to the Ponemon Institute’s latest Cost of a Data Breach, it took companies on average 207 days to identify and 73 days to contain a breach - a total of 280 days last year. This is up from 279 days to identify and contain a breach the previous year. Unfortunately, remediation and rebuilding trust is often the most costly aspect of a comprehensive attack.

While internal employees and trusted contractors can surface as bad actors, external actors continue to be the biggest challenge for organizations.  External actors in particular are leveraging malware, such as password dumpers, app data capturers and downloaders to obtain proprietary data for financial gain, account for 29 percent of manufacturing breaches.

As hackers become increasingly sophisticated, access to new tools and attack methods have enabled them to gain access to more records and in the case of manufacturers avenues to potentially controlling connected equipment. However, the technique most commonly leveraged was stolen credentials, accounting for over 79 percent of hacking breaches; 33 percent of breaches were associated with either phishing or pretexting.

Of course, the danger of hackers gaining access goes well beyond the initial cost of losing information. Organizations also suffer in terms of credibility, especially when hackers gain access to personally identifiable information that makes customers, employees and partners susceptible to subsequent attacks as well. 

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