Indian manufacturing industry at high cyber security risk

August 7, 2019 3:18 pm

Seqrite, a specialist provider of endpoint security, network security, enterprise mobility management and data protection solutions, has revealed the massive cybersecurity risk can be seen in the Indian manufacturing industry at present. According to the Seqrite Threat Report Q1 2019, the sector accounted for more than 27 per cent of the threats detected by Seqrite between January and March 2019 – the highest of all industries.

With global manufacturers expected to invest around USD 70 billion on industrial IoT solutions in 2020, the growing integration of IT (Information Technology) and OT (Operational Technology) presents a major security risk. Many IoT-enabled devices commonly leveraged by manufacturers such as sensors, barcode readers; quality control systems, inventory management solutions, etc. come with weak or minimal security. Such unsecured connected devices present a lucrative avenue to cybercriminals to attack and infiltrate the larger enterprise network.

The cyber threat detection trends revealed by Seqrite is an alarming trend for manufacturers in India, particularly in light of the recent shift in global regulations towards more stringent data protection and privacy policies. Apart from the loss of revenues/market credibility and the operational disruption caused by successful cyber-attacks, they will also now be hit with heavy financial penalties imposed by regulatory bodies for every security breach.

Manufacturers with inadequate cybersecurity also risk their intellectual properties (IP) such as new technologies/products, confidential designs/formulas, and manufacturing processes being compromised by outside actors and internal threats. These IPs can then be sold to potential buyers, including competitors, or heavily advertised across the Dark Web.