Why Manufacturers Make the Perfect Cyber Attack Target

February 28th, 2020 Post By :

In June 2019, Asco Industries (a Belgium-based aircraft components manufacturer) was hit with a cyber attack, leaving about 1,000 of its approximately 1,400 employees worldwide idle as it was forced to shut down production. Asco’s facilities in Belgium, Canada, the United States, and Germany were crippled by the attack and created a ripple effect on the companies it supplies including Boeing, Airbus, and Gulfstream.

A total shutdown was required, according to news reports, despite the fact the company appeared to have caught things in time and no information is believed to have been stolen or destroyed.

Unique Risks

Cyber attacks typically have two main goals; disruption and monetary gain. The attack on Asco was no different. By crippling its production, the attack created a trickle-down effect to the company’s high profile customers.

Manufacturing businesses are targeted more often. About 86 percent of attacks are focused on a specific firm. In these cases, cyber criminals are looking for some specific information or processes you have rather than looking to steal from any random person they can get to click on the wrong link in a malicious email.

The widely-cited Verizon Data Breach Report for 2018 documents that trade secrets (20 percent of cases) are sought almost as often as the acquisition of personal data (21 percent) while credentials to perpetrate future intrusions make up 16 percent.

While regular cyber criminals are present among those seeking to steal information from manufacturers, data indicates that a large number of state-affiliated actors are also involved in cyber attacks within the manufacturing industry. The Verizon report states that 53 percent of perpetrators are affiliated with some government while 35 percent are organized criminals.

According to the British government, 34 nations in the world have teams of hackers capable of pulling off cyber espionage on a large and complicated scale.

Size is no indicator of risk. Overall, 58 percent of total cyber attacks are on small businesses. There were 536 cyber security incidents involving manufacturing firms in 2018 and 71 documented data breaches.

Partnership-Based Solutions

At Cumbre, we act as your partner, working to understand your unique needs and risks in order to find the best solution. As an Acrisure Agency Partner, we have access to a global network of carriers and resources and are sure to provide you with appropriate cyber incident insurance coverage.

Obtaining coverage puts you ahead of 60 percent of all businesses and up to 97 percent of small businesses. Understanding that you need to discuss cyber coverage with a risk advisor is the first step in developing a program based on awareness, prevention, and careful response to threats as they arise.

In addition to technical solutions and incident management, we promote a process of mitigation designed to enhance your policies and defenses against a cyber incident before it happens.

The Acrisure Advantage

Using the size and depth of the Acrisure network, we work with you to find the most appropriate resources available to fit your specific manufacturing operations and reduce your risk exposures.

Whatever industry you’re in, the threat of cyber crime is real and should cause concern.

AP name) is here to support your organization’s growth and security. Please contact us to discuss your specific cyber concerns and develop appropriate prevention and coverage measures.

Stay up to date with our newsletter! Sign Up Here

Cumbre Insurance Services is a proud agency partner of Acrisure, a top 10 global insurance broker. Our relationship with Acrisure allows us to provide our clients access to policies, resources, and expertise often outside the reach of stand-alone agencies. Along with competitive pricing, our service is backed by dedicated, local customer service.