Jun 1, 2020

Cybersecurity: UK manufacturers most attacked industry - NTT

Technology
Security
Georgia Wilson
3 min
Leading global technology services provider - NTT - releases its 2020 Global Threat Intelligence Report (GTIR).

The latest report conducted by the tech...

Leading global technology services provider - NTT - releases its 2020 Global Threat Intelligence Report (GTIR).

The latest report conducted by the technology services provider, provides a comprehensive view of the threats impacting businesses in the EMEA, Americas and Asia Pacfic, as well as emerging trends across various industries. 

Key highlights from the report showed that manufacturing in the UK and Ireland has become the most attacked sector - representing almost a third of all attacks. 

The GTIR revealed that attackers are innovating faster than ever before, by developing multi-function attack tools and using artificial intelligence (AI), machine learning capabilities and investing in automation techniques.

The report also showed that 21% of attacks globally were in the form of a vulnerability scanner, and that “despite efforts to layer up their defences, many organisations are unable to stay ahead of attackers, while others are struggling to do the basics like patching old vulnerabilities,” said NTT.

UK manufacturing industry

“Manufacturing regularly appears as one of the most attacked industries globally. Most commonly linked to intellectual property (IP) theft,” but it “increasingly faces financially motivated data breaches, global supply chain risks and risks from unpatched vulnerabilities,” commented NTT.

The UK manufacturing industry was one of two countries this year to top the list of most attacked industries - representing 29% of all attacks.

Of those attacks, reconnaissance accounted for half of the hostile activity in the UK and Ireland, with web applications accounting for 22%. While globally reconnaissance activity accounted for 60% of the attack types followed by web applications which accounted for 36%.

“UK manufacturing has become a major target for attackers in recent years as a result of the increased risks brought about from the convergence of IT and Operational Technology (OT). The biggest worry is that security has lagged behind in this sector, potentially exposing systems and processes to attack. Poor OT security is a legacy issue; many systems were designed with efficiency, throughput and regulatory compliance in mind rather than security. In the past, OT also relied on a form of ‘security through obscurity’. The protocols, formats and interfaces in these systems were often complex and proprietary and different from those in IT systems, so it was difficult for attackers to mount a successful attack. As more and more systems come online, hackers are innovating and see these systems as ripe for attack,” commented Rory Duncan, Security Go-to-Market Leader, NTT Ltd.

“Now more than ever, it’s critical for all organisations, regardless of sector or region, to pay attention to the security that enables their business; making sure they are cyber-resilient and secure-by-design, which means embedding privacy and security into the fabric of their enterprise architecture and organisational culture. The current global pandemic and the flow of trusted and untrusted information used to mask the activities of cyber criminals has shown us that they will take advantage of any situation. Organisations must be ready to respond to these and other threats in a constantly evolving landscape.”

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For more information on manufacturing topics - please take a look at the latest edition of Manufacturing Global

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Jun 8, 2021

IMF: Variants Can Still Hurt Manufacturing Recovery

IMF
Manufacturing
COVID19
Musk
Elise Leise
3 min
The International Monetary Fund (IMF) claims that while markets are rising and manufacturing is coming back, it’ll push for global immunisation

After a year of on-and-off manufacturing in the US, UK, and the eurozone, demand for goods surged early last week. Factories set growth records in April and May, suppliers started to recover, and US crude hit its highest price point since pre-COVID. As vaccination efforts immunise much of the US and UK populations, manufacturers are now able to fully ramp up their supply chains. In fact, GDP growth could approach double-digits by 2022

Now, the ISM productivity measure has surpassed the 50-point mark that separates industry expansion from contraction. Since U.S. president Biden passed his US$1.9tn stimulus package and the UK purchasing managers index (PMI) increased to 65.6, both sides of the Atlantic are facing a much-welcomed manufacturing recovery. 

Lingering Concerns Over COVID

Even as Spain, France, Italy, and Germany race to catch up, and mining companies pushed the FTSE 100 index of list shares to a monthly high of 7,129, some say that UK and US markets still suffer from a lack of confidence in raw material supplies. Yes, the Dow Jones has made up its 19,173-point crash of March 2020, and MSCI’s global stock index is at an all-time high. 

Yet manufacturers around the world realise that these wins will be short-lived until pandemic supply chain bottlenecks are solved. If we keep the status quo, consumers will pay the price. In April, inflation in Germany reached 2.4%, and across the EU’s 19 member countries, overall prices have increased at an unusual pace. Some ask: Is this true recovery? 

IMF: Current Boom Could Falter

Even as Elon Musk tweeted about chip shortages forcing Tesla to raise its prices, UK mining demand skyrocketed; housing markets lifted; and the pound sterling gained value. The International Monetary Fund (IMF), however, cautioned that manufacturing recovery won’t last long if COVID mutates into forms our vaccinations can’t touch. Kristalina Georgieva, Washington’s IMF director, noted that fewer than 1% of African citizens have been vaccinated: “Worldwide access to vaccines offers the best hope for stopping the coronavirus pandemic, saving lives, and securing a broad-based economic recovery”. 

Across the globe, manufacturing companies are keeping a watchful eye on new developments in the spread of COVID. Though US FDA officials don’t think we’ll have to “start at square one” with new vaccines, the March 2021 World Economic Outlook states that “high uncertainty” surrounds the projected 6% global growth. Continued manufacturing success will in large part depend on “the path of the pandemic, the effectiveness of policy support, and the evolution of financial conditions”. 

Mathias Cormann, secretary-general of the Organisation for Economic Co-Operation and Development (OECD) concurred—without global immunisation, the estimated economic boom expected by 2025 could go kaput. “We need to...pursue an all-out effort to reach the entire world population”, Australia’s finance minister added. US$50bn to end COVID across the world, they imply, is a small investment to restart our economies.

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