Manufacturing Cyberattacks Drive 90% of Financial Losses, Resilience Report Finds

Event summary

  • Resilience's report reveals that ransomware accounts for 90% of total incurred losses in manufacturing, despite representing only 12% of claim volume.
  • MFA misconfiguration is the single most expensive point of failure, driving 26% of all portfolio losses.
  • Phishing and transfer fraud account for 30% of manufacturing claims, highlighting human error as a leading cause of cyber disruption.
  • Resilience identifies five specific security controls that can materially reduce cyber risk for manufacturers.
  • The report underscores the sector's low tolerance for downtime and historically underfunded security programs as key vulnerabilities.

The big picture

Manufacturing remains the most targeted industry for cyberattacks, with ransomware driving disproportionate financial losses. The sector's low tolerance for downtime and underfunded security programs create a prime target for threat actors. Resilience's report highlights actionable steps to mitigate risk, emphasizing the need for simple yet effective security controls. The findings underscore the growing importance of cyber insurance as a financial safeguard and a tool for improving security posture.

What we're watching

Ransomware Risk
How manufacturers will address the severe financial impact of ransomware attacks through targeted security controls.
MFA Implementation
Whether auditing and validating MFA deployments will become a standard practice to prevent costly misconfigurations.
Industry Adoption
The pace at which manufacturers will prioritize cybersecurity investments over perceived operational risks.

Related topics

Insurance