Jan. 18, 2023

This paid piece is sponsored by Eide Bailly LLP.

A version of this article first appeared on EideBailly.com. 

Did you know that 40 percent of manufacturers do not have a formal cybersecurity plan in place?

Manufacturing companies often are under pressure to become more efficient, increase quality, reduce expenses and drive productivity, so it is only natural to implement technology that will help achieve those demands. With more automation being used and Internet of Things innovations becoming commonplace, more technology is being incorporated into the daily activities of businesses, both within the organization and in the field. This includes everything from internal processes to the creation of physical products.

While this has enabled manufacturers to operate at performance and revenue levels never achieved before, it also has increased the number of technology touch points within an organization. This significantly increases their susceptibility to cyberattacks.

Cybercriminals like to target manufacturing and industrial companies because they have trade secrets, business plans and valuable intellectual property at their fingertips. Furthermore, manufacturing and industrial companies historically have made fewer technology and security investments and generally are less equipped to manage and secure internet-enabled technologies. The result is increased business risk because of the critical nature of the production line, the proliferation of IoT, the prevalence of legacy technology and “technical debt,” and reliance on vendors and supply chain partnerships.

In the face of these threats, many business leaders think they are powerless — but they are wrong. In fact, many of the root causes of breaches are within the C-suite’s control. If executed correctly by an organization, proactive cybersecurity measures can reduce up to 70 percent of risk.

Here are four ways to increase cybersecurity in your industrial environment:

1. Prioritize business risk

This means identifying and ranking the potential risks that a business may face and deciding which ones to address first. It’s important to consider the entire organization here because different departments may have unique risks and ignoring some areas could have negative consequences for the entire company.

Common types of business risks include brand protection (e.g., damage to the company’s reputation), business disruption (e.g., operations being interrupted by a cyberattack), legal liability (e.g., being sued for not following regulations or laws), IP protection (e.g., someone stealing the company’s intellectual property), and compliance and governance (e.g., not following internal policies or external regulations).

By considering these risks, a company can ensure that its cybersecurity efforts are aligned with its overall business goals and priorities. This can help the company avoid costly disruptions or legal problems while protecting its reputation and assets.

2. Create a culture of security

Cybersecurity risks come from every direction and into every entry point, seeking even the smallest opportunities to breach your systems. Even one single cybersecurity breach can affect the entire organization negatively.

Because the human factor has such a large impact on cybersecurity risk, staff at every level should be responsible for information security – from staff members to executives. Building and enforcing a corporate culture of security takes time and effort, and executive buy-in and support can contribute to success.

If your organization ensures cybersecurity in the workplace is everyone’s business, develops preventative protocols and an incident response plan, provides training and education around the topic and remains vigilant, you can save your business from detrimental cybersecurity incidents that otherwise would cost your organization time and money. 

3. Implement a leadership committee

A successful cybersecurity program is governed by a committee – not just the IT department. It requires the involvement and support of leadership and other departments throughout the organization. This diverse group of individuals can bring different perspectives and insights to the table and ensure that the organization’s cybersecurity efforts are aligned with its overall business goals and objectives.

In addition to its role in setting strategy and direction, this committee also should be responsible for regularly reviewing and assessing the organization’s cybersecurity posture and for making any necessary adjustments to address emerging threats or vulnerabilities.

4. Create a framework-based program

A cybersecurity framework is a set of guidelines, standards and best practices that organizations can use to help them effectively manage their cybersecurity risks. This framework should provide a structural approach for identifying, assessing and prioritizing an organization’s cybersecurity risks, and it provides guidance on how to best mitigate those risks.

There are many different cybersecurity frameworks that organizations can adopt, and your leadership committee can choose the one that best meets the needs and goals of the organization. Regulatory bodies like the International Organization for Standardization have created their own frameworks, but many other organizations adopt existing frameworks to save time and money.

Start protecting your organization today

Raising cybersecurity awareness is fundamental to the success of your organization, and cybersecurity awareness is not a one-time project. Security maturity is achieved through effective, ongoing and evolving program management. Cybersecurity risks are evolving as fast as technologies evolve, so companies need to take a different approach to cybersecurity. If you feel as though there are gaps in your current cybersecurity strategy – or if you have yet to set a proactive plan at all – it may be helpful to seek the support of cybersecurity professionals. Remember that the costs associated with taking preventative measures will be far less than those caused by a cyberattack.

Schedule a cybersecurity consultation by contacting the team at Eide Bailly.