Manufacturing Sector Faces Surge in Data Theft and Ransomware Attacks
The manufacturing sector has faced a significant increase in data theft and ransomware attacks in recent years, with 2023 seeing a dramatic rise in breached records and confirmed cases on yahoo finance. The financial impact has been substantial, with billions lost due to downtime and recovery costs in the stock market.
In 2023, the manufacturing sector experienced a staggering 43.9 million records breached, marking a dramatic rise in data theft. This surge follows a resurgence in ransomware attacks, with 194 confirmed cases compared to 109 in 2022. LockBit has remained a dominant ransomware strain in recent years, causing significant disruption in the stock market.
The average downtime per attack in 2023 was 11.6 days, with each day of downtime costing an average of $1.9m. This has resulted in an estimated $17bn in downtime costs for manufacturing companies since 2018. Notable recovery costs include Demant ($95m in 2019), Taiwan Semiconductor Manufacturing Company ($85m in 2018), and WestRock ($79m in 2021).
The average ransom demanded of manufacturers since 2018 has been $10.7m. However, the financial impact extends beyond ransom payments, with significant costs associated with data recovery and downtime in the stock market. Notable data breaches in 2023 include VF Corporation (35.5 million records) and PharMerica (5.8 million records).
Looking ahead to 2024, over 317 million ransomware attacks are projected, targeting primarily healthcare, small and medium businesses (SMBs), and managed service providers (MSPs). The average outage duration is expected to increase to 24 days. Notable attacker groups include LockBit, BlackCat, and Akira.
The manufacturing sector faces a growing threat from data theft and ransomware attacks, with significant financial implications in the stock market. As the sector continues to digitize, robust cybersecurity measures will be crucial to mitigate these risks and protect against potential disruptions and financial losses.
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