It doesn’t take much digging to uncover the monetary impact of cybercrime. Everything from the cost of damages, to training and hiring qualified personnel, to budgets for products and services, are all expected climb over the next five years.
Boardrooms across the world are working with their insurance providers to write in coverage for cyber liability and the costs incurred to respond to a data breach or threat. And with upcoming changes in regulations and enforcement, such as the EU’s GDPR (which will apply to organizations outside the EU if they handle personal data of subjects residing in the EU), there’s no shortage of opportunity for businesses to tighten up their security posture and processes.
If you’re a manufacturing company, it’s important that you understand the risks and subsequent fallout that can damage your manufacturing brand in the event of a cybersecurity crisis. Chances are the Internet of Things (IoT) is already, or will soon be, playing a role in the products you develop. Did you know that the majority of IoT devices have no set standards for security, no regulations, and more than 100 protocols?
Now consider the shelf-life of the IoT integrated devices you’re manufacturing. Is it 5 years? 10 years? How do we protect what has already been sold and is insecurely operating in homes or businesses? What about those devices used in critical infrastructure?
These are just a few of the questions that manufacturers need to consider in 2018 and beyond. How you approach these questions, and how you prepare to detect and protect against cyberattacks—including adding high-risk cyberattack scenarios in your crisis preparedness plan—will help you sleep better at night.
If you’re looking for guidance on how you can help prepare for a cybersecurity crisis, give the manufacturing public relations experts at Ripley PR a call at 856-977-1973. We have experience in developing internal processes and protocols to provide your company with an additional layer of brand protection and preparedness.