So, You Think Of Cybersecurity Only As A Cost Center? Think Again

Introduction: Basis of the Current Risk Profile – "How Did We Get Here?"

U.S. manufacturers face a multitude of cybersecurity challenges that threaten their operations, reduce productivity, and jeopardize their intellectual property and data. For the past two years, the manufacturing sector has been the most targeted industry for ransomware attacks,¹ with manufacturers spending an average of US$1.82 million per attack in 2023, not including any ransom payments.²

These cybersecurity challenges and risks are exacerbated by the simple reality that manufacturing operations often rely on various intertwined systems not designed with cybersecurity in mind. Retrofitting those systems can be both costly and complex. But manufacturers with more modern systems do not escape the risks. Although the rapid integration of technology and connectivity in manufacturing operations has brought unprecedented levels of innovation and efficiency, it also exponentially expands