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Home Industry Manufacturing

Cyber threats force industrial manufacturers to prioritize network security

FutureIoT Editors by FutureIoT Editors
November 1, 2024
Photo by Lucas Andrade: https://www.pexels.com/photo/a-person-holding-a-tablet-device-with-skull-image-near-blackboard-14066351/

Photo by Lucas Andrade: https://www.pexels.com/photo/a-person-holding-a-tablet-device-with-skull-image-near-blackboard-14066351/

The ABI Research survey Industrial and Manufacturing Survey 1H 2024: Cybersecurity Impacts and Investments reveals that 20% of industrial manufacturers are prioritising network security as their primary defence against cyberattacks. With the increasing digitisation of industrial assets, manufacturers face heightened risks from cybercriminals targeting valuable data and processes.

The State of Technology in Manufacturing survey highlights that network security is now the top investment area for manufacturers aiming to protect against adverse cyber events. As industrial operations become more interconnected, the need for robust security measures, including authentication and access control, has intensified. This shift is further accelerated by the growing regulatory landscape, particularly in Europe, where compliance with frameworks like the General Data Protection Regulation (GDPR) and the Cyber Resilience Act can result in significant financial penalties for non-compliance.

Michela Menting

Michela Menting, senior research director at ABI Research, emphasizes the urgency of the situation, noting that industrial manufacturers are prime targets for cybercriminals. The threats they face range from ransomware attacks to vulnerabilities within their supply chains, which are increasingly exploited through social engineering tactics. As manufacturers connect more of their assets to operational networks, their security concerns have understandably risen.

This demand for enhanced cybersecurity solutions for operational technologies is projected to create a US$2 billion market globally in 2024. Manufacturers are focusing on network security solutions that include access control, authentication, and threat detection, mirroring the survey findings that highlight these technologies as top priorities for investment.

Related:  Water utilities to drive global smart meter market
Tags: ABI Researchindustrial manufacturersnetwork security
FutureIoT Editors

FutureIoT Editors

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The race to harness the power of Internet of Things (IoT) is here. FutureIoT is dedicated to individuals, as well as public and private organizations looking to tap the potential of IoT to transform the way we live, work and do business. FutureIoT is the dedicated media that provides the single source of truth about IoT, the technology, its application and regulation, originating from Asia. << Read more >>

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