Manufacturing Firms Face Surge in Sophisticated Cyber Attacks
Manufacturing firms face a growing threat from cyber attacks, particularly business email compromise (BEC) and phishing schemes. These attacks have surged in the past year, with generative AI making them increasingly sophisticated and harder to detect.
Phishing attacks in the manufacturing sector have risen by 83% in the past 12 months. This is largely due to the use of generative AI tools, which create more convincing phishing emails. These attacks mimic external third-party vendors, often asking for payment or bank account updates, and are known as vendor email compromise (VEC) attacks. VEC attacks targeting manufacturing have increased by 24% over the same period.
BEC attacks, which target businesses by compromising legitimate business email accounts, have also seen a significant rise. From September 2023 to September 2024, BEC attacks targeting manufacturing firms increased by 56%. These attacks are particularly concerning for manufacturing firms due to their low tolerance for downtime. The financial impact of BEC attacks is also increasing, with global exposed losses rising by 65% and average claim costs nearly doubling to $183,000 in 2023.
Manufacturing firms must remain vigilant against these evolving cyber threats. Increased employee training and robust security measures are crucial to protect against these sophisticated attacks. The surge in phishing and BEC attacks underscores the need for continuous vigilance and adaptation in cybersecurity strategies.
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