Light Manufacturing: Why do I need cyber insurance? We don’t have much personally identifiable data…

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Do you own a light manufacturing company? Or maybe you’re the CISO for a manufacturing company? Or maybe IT security falls under your purview for a manufacturing organization? If so, as you probably know, right now, there are people trying to hack in and steal your data or hold your digital assets for ransom.  In this episode of #CyberMonday volume 4, we will share the most common cyber hacking threats to light manufacturing companies and some thoughts on how to stop them.

Cyber Security

Most Common Cyber Threats to a manufacturing company.

  1.  We hear about this all too often- Ransomware.  Let’s define the term.  Ransomware is a type of malicious software placed onto systems in a variety of ways, causing the systems to halt & block access until a sum of money is paid.   Although manufacturers typically don’t have a ton of personally identifiable data, they are one of the top classes for attacks.  In 2023 the manufacturing industry saw a 1000% increase in ransomware attacks.  The average Ransomware attack costs manufactures over $4 million!  
  • Cyber Crimes, such as social engineering, funds transfer, and invoice manipulation are the most common cyber attacks at a manufacturing company.  You can find more information on social engineering and invoice manipulation by clicking here

Why these types of attacks? 

Manufacturing companies are used to transferring money to pay for larger invoices for things such as raw materials, parts, etc.  If hackers can learn their processes by being on their networks for extended periods of time; they can strike corporate bank accounts or vendor’s by redirecting payments to the hacker’s accounts through invoice manipulation or social engineering. 

How to stop hackers from learning your payment processes?

Early detection is key to stopping hackers from learning how your manufacturing company pays invoices or handles internal wires.  A solid plan derived from either internal IT or an MSP is a great place to start.  One company we’ve found that provides tremendous early detection is Vigilant.  Besides detection time unheard of in the industry, Vigilant also provides forensic investigation if a breach or cyber-attack happens. 

What are you doing to secure your data and detect the bad guys from getting it? This day and age, cybersecurity and cyber insurance are a must for a manufacturing company. 

Want more information on cybersecurity and cyber insurance, Click here for a webinar we hosted with Vigilant CEO, Chris Nyhuis.  With the same link you can also get a baseline cyber threat assessment for your business with actionable intel to help your business become more cyber secure! 

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Are you ready to save time, aggravation, and money? The team at Ochsner Insurance is here and ready to make the process as painless as possible. We look forward to meeting you!