The increased integration of technology into production processes and equipment have forged new efficiencies and operational capabilities in today's manufacturing landscape. Yet, this digital fusion has a downside: increased vulnerability to cyber threats.

According to a recent IBM security report, manufacturing is a prime target for hackers, accounting for 23% of all cyberattacks worldwide. Moreover, the financial toll is incredibly steep for manufacturers, with manufacturing experiencing the highest average ransomware payment across all sectors, costing $2,036,189 per ransom payment.

Many manufacturers, wary of the external threat landscape, have turned to third-party IT providers for cybersecurity solutions. While this may seem like a “fool-proof” option on the surface, anytime you work with a third party — even an IT provider or software provider — there can be additional risk factors. According to WEF’s Global Cybersecurity Outlook 2022, indirect cyberattacks — those gaining access via third-party providers — have jumped from 44% to 61% in recent years.

Knowing this, if you have, or plan on outsourcing your IT functions, you need to be careful about who you trust with such a critical aspect of your business operations. A poor choice in IT providers may not only fail to mitigate external risks but can actually escalate them.

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