Since the advent of digitalization, countless companies from every industry have embraced cutting-edge technology to remain ahead of the curve and offer more efficiency and connection worldwide. In this situation, companies are now seriously concerned about cybersecurity in our increasingly & widely connected networks. The vulnerabilities in networks have recently come to light due to the high networth cyber attacks, such as the ransomware that plagued the industry and the original electronic manufacturing (OEM) industry is no exception.
In fact, manufacturing sector has been identified as one of the top three industries most frequently attacked by cyberattacks. Additionally, while the development of cyber systems may boost industrial efficiency, they also present additional security dangers, such as the possibility of a hacker seizing control of production or altering the output of the manufacturing process.
The effect of cyber threats is catastrophic for manufacturers’ personal as well as corporate data that can compromise the company’s reputation and disrupt productivity that can significantly hit the revenue generation across the industry. Thus, it has become essential to keep cybersecurity as a priority for most OEMs. Let’s dive deep into why cybersecurity is critical and what they should do to protect themselves from the attacks. But before that, let’s learn what cybersecurity is.
Cybersecurity: The New-Age Tool
We live in a world where everything around us is profoundly connected with tech, whether it is our personal or professional lives. In this case, individuals and businesses are exposed to cyber-attacks, and to cope with this, many enterprises have adopted cybersecurity as a new tool. It is the process of protecting and recovering computer systems, networks, devices, and programs from types of cyberattacks such as ransomware, malware, password hack, and DDoS.
With the advent of technology, cyberattacks have grown more sophisticated and become a threat to the organization’s sensitive data. In this situation, attackers are also using different modus operandi which relies on social engineering & artificial intelligence to circumvent long-standing data security laws.
While the world is becoming increasingly dependent on technology, this will only increase as we develop new technologies that will link to our connected gadgets via Bluetooth and Wi-Fi in the coming years. While the Internet of Things (IoT) and cutting-edge technology connected to a car have enabled customers to enjoy a more advanced driving experience with remote managing and servicing, cybersecurity has emerged as a crucial concern for original equipment manufacturers (OEMs).
Importance of Cybersecurity in OEMs
With the emergence of the internet, the OEM industry is witnessing a huge surge in cyber threats. Thus, while moving at an accelerated pace, cybersecurity has become a necessity. Cyberattacks frequently target original equipment manufacturers and other manufacturers’ suppliers. The bulk of them maintain important IT and OT operations, retain sensitive data, but need well trained and qualified resources to address serious cybersecurity issues appropriately.
So why should OEMs prioritize cybersecurity in particular? The first and foremost reason is they focus primarily on serving manufacturing clients who are themselves exposed to cybersecurity risks. Whether it’s customer information, client lists, or staff information, they must keep their sensitive data private and secure from prying eyes. Due to their connections, OEMs are frequently the subject of attacks. Criminals can utilise an attack on an OEM to access additional targets inside their client network. Simply put, malicious players may initially target an OEM with the knowledge that there would be more extensive and perhaps more valuable targets higher up the supply chain.
In a nutshell, implementing security operations, which also includes security monitoring, enables a speedier and better-managed response to attacks and reduces the window of exposure, or more simply, the amount of time needed to remediate a vulnerability in any vehicle.
Partnership is the Key
It is obvious that cybersecurity is far more than just an IT concern. It’s a problem of company management, requiring careful planning and research, a constant focus, as well as internal training and communication. Additionally, the threat to cybersecurity is dynamic, so OEMs must stay abreast of the most recent dangers and, when appropriate, communicate internally. According to the report by IBM, an alarming 47% of attacks on manufacturing were caused due to vulnerabilities that the organization couldn’t catch up on. In another report by World Economic Forum, the IoT cyberattack alone is expected to grow double by 2025. Thus, in this case, partnership with the third party firm has become a key to protect themselves from the threat.
Thus, to be secure, OEMs should consider collaborating with independent cybersecurity companies to guarantee that security measures are sufficient and that staff members are adequately informed. Since preserving their customer data and list is the OEMs’ top priority. As a result, with the help of third-party experts, OEMs in the market can avoid being compromised and quickly implement damage-mitigating steps, proving to their clients that they take the integrity of their data seriously, as ‘customers are the king’ for the organization’s growth.
Final Takeaway: Stay Ahead of the Curve!
In a nutshell, cybersecurity has become a priority and an important factor to stay protected from a malicious threat that is emerging with the development of technology for every organization, and OEMs are no exception.
According to Statista, the market size of the cybersecurity market is poised to expand to $4.09bn by 2027 at a CAGR of 14.36%.
Vishal JAIN, Joint- Managing Director, Inspira Enterprise
