NEW YORK, Oct. 30, 2024 /PRNewswire/ -- Industrial manufacturers ranked network security as their top cybersecurity investment to guard against adverse cyber events, according to a recent State of Technology in Manufacturing survey by global technology intelligence firm ABI Research. With increasingly connected and digitized industrial assets providing ever more information about processes and workforce, manufacturers are focusing their security on network security technologies such as authentication and access control. Coupled with a growing body of industrial-focused security regulation and an expanding cybercrime element (for whom data in discrete manufacturing processes are extremely high value), this puts pressure on manufacturers to safeguard their operations better.
Network breaches can have significant repercussions on industrial manufacturers. Unplanned downtime impacts production, which could lead to revenue loss or potential regulatory liability for data breaches. In Europe alone, three regulatory instruments impose financial penalties for non-compliance: the General Data Protection Regulations, the NIS2 Directive, and the Cyber Resilience Act.
"Industrial manufacturers are one of the top targeted sectors by threat actors. Not only is counterfeiting in contract manufacturing rife, but ransomware is a prevalent threat," says Michela Menting, Senior Research Director. "Supply chain vulnerabilities and social engineering constitute important vectors for threat actors, and manufacturers are understandably concerned about security as they increasingly connect their industrial assets to operational networks."
Demand for cybersecurity solutions focused on operational technologies is growing quickly as a result, with ABI Research forecasting a US$2 billion market globally in 2024. Much of it is driven by demand for network security and segmentation technologies. This correlates with the survey findings, with manufacturers citing network security solutions such as access control, authentication, and threat detection as their top security investments.
These findings are from ABI Research's Industrial and Manufacturing Survey 1H 2024: Cybersecurity Impacts and Investments report. This report is part of the company's OT Cybersecurity research service, which includes research, data, and ABI Insights.
About ABI Research
ABI Research is a global technology intelligence firm delivering actionable research and strategic guidance to technology leaders, innovators, and decision makers around the world. Our research focuses on the transformative technologies that are dramatically reshaping industries, economies, and workforces today.
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