Ransomware Attacks in Manufacturing Doubled From 2019
From 2019 to 2021, ransomware attacks in manufacturing doubled, making it the most commonly targeted industry in 2020 and 2021, according to Advisen loss data. Advisen’s loss database contains 3,415 ransomware attacks and 189 ransomware attacks in manufacturing.
The manufacturing industry is a high-value target for ransomware attacks. Most manufacturers have embraced automation and digitization, but many only store files locally, leaving them vulnerable to attack.
Manufacturing companies also store high-value data, such as intellectual property and trade secrets, which makes manufacturers more likely to pay if their information is stolen or hackers threaten to publish it online. In some cases, hackers will steal data involving third parties as well, such as clients, suppliers and partners. This gives them even more leverage to extort money in a ransomware attack.
In addition to ransom payments, ransomware attacks on manufacturing can also be extremely costly in terms of response and business interruption costs. For example, the ransomware attack on meat supplier JBS Foods on May 31, 2021, resulted in a total shutdown of operations and an $11 million ransom, according to Advisen loss data.
Looking at ransomware losses by industry over time, public administration and health care were some of the most frequently targeted industries from 2013 to 2019; manufacturing accounted for a relatively small percentage of total ransomware attacks. However, by 2020, manufacturing became the most commonly targeted industry.
Within the manufacturing industry, computer and electronic product manufacturing saw nearly double the number of ransomware attacks than any other category at 32%. These attacks include ransomware attacks on an Apple supplier, Samsung Electronics and Bose Corporation, according to Advisen loss data.
Chemical manufacturing accounted for 14% of the remaining losses, while machinery manufacturing and transportation equipment manufacturing each accounted for 12%, according to Advisen loss data.
Contact INSURICA today to learn more about our manufacturing industry services and capabilities.
© 2022 Zywave, Inc. All rights reserved.
About the Author
Share This Story
Related Blogs
Enhancing School Security: Practical Strategies for Safer Campuses
Enhancing school security is one of the most pressing responsibilities for education leaders today. As school campuses evolve, so too must the systems that protect them. For administrators, safety professionals, and district decision-makers, creating a secure learning environment means taking a proactive, layered approach that includes physical security, training, technology, and community involvement.
5 Common Cybersecurity Mistakes and How to Avoid Them
All organizations, regardless of their size or industry, are at risk of being targeted by cybercriminals. These malicious actors can conduct cyberattacks, leading to significant financial, operational and reputational damage that can be difficult or impossible to recover from. Fortunately, solid cyber hygiene practices can reduce the likelihood of data breaches and other cyber incidents from occurring, and many of these practices are relatively low-cost and easy to implement.
Insurance Coverage Basics For Boatowners
A small boat, such as a canoe or other un-motorized boat, is typically covered under the personal property portion of your homeowners insurance policy. If you own a larger, faster boat, you'll need a separate boatowners insurance policy. A typical boatowners insurance policy is designed to protect your boat, motor, equipment, and passengers. It affords similar coverages to those you typically have for your car including: