Ransomware Responsible for 90% of Manufacturing Cyber Losses

""Manufacturers don't need to reinvent the wheel in the face of a growing threat. Our claims data, coupled with threat intelligence from the ROC, found that by auditing and validating MFA deployment, implementing procedural controls for financial transfers, investing in ransomware containment and response, and instituting other easy-to-implement practices can materially combat risk.""

""In order to better mitigate cyber risk, organizations must ensure that their supply chain partners follow basic cybersecurity best practices, such as multi-factor authentication (MFA), password management systems, and incident response strategies. However, internal defenses matter just as much.""

The manufacturing sector is increasingly targeted by cybercriminals due to its interconnected nature and the urgency to restore operations. Research indicates that ransomware accounts for 90% of financial losses in manufacturing, despite representing only 12% of claim volume. Other significant issues include phishing and transfer fraud at 30%, MFA misconfiguration failures at 26%, and wrongful data collection at 12%. Experts suggest that manufacturers can mitigate risks through better MFA deployment, procedural controls, and investment in ransomware response strategies.

Read at Securitymagazine