Manufacturing the number one target for cyber criminals

New cyber threat intelligence reports have labelled manufacturing as the most targeted industry for cyber threats.

“The first half of 2024 saw a worrying trend in cyberattacks targeting specific industries,” Critical Start’s Cyber Threat Intelligence Report stated.

“These attacks often utilise supply chain vulnerabilities, exploiting interconnected systems for unauthorised access.”

It outlined nearly 400 confirmed reports of ransomware and database leak hits in the first half of this year.

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The report said a recent attack on materials handling equipment manufacturer Crown Equipment, where cyberattack by a criminal organisation disrupted Crown’s operations, forced a temporary suspension of production.

Phishing attacks, where organisations are sent false emails or sent to fake websites as a method to acquire sensitive data or install malware, were the most common forms of attack.

European chemical maker Orion SA was hit earlier this month in a phishing email scheme that has cost the company U.S. $60 million.

“On August 10, 2024, Orion SA determined that a Company employee, who is not a named executive officer, was the target of a criminal scheme that resulted in multiple fraudulently induced outbound wire transfers to accounts controlled by unknown third parties,” Orion stated in a filing with the U.S. Securities and Exchange Commission (SEC).

“As a result of this incident, and if no further recoveries of transferred funds occur, the company expects to record a one-time pre-tax charge of approximately $60 million for the unrecovered fraudulent wire transfers.”

Meanwhile, IBM X-Force’s 2024 Threat Intelligence report said manufacturing has been the most targeted sector in Asia Pacific for the second year in a row.

It said manufacturers accounted for more than a quarter of all security incidents last year.

The IBM report said a combination of manufacturing’s increasing digitisation and aversion to downtimes make the industry an attractive target for ransomware attacks, where production is halted, or threatened, until the attackers are paid.

Speaking during AuManufacturing’s Cyber Security Webinar earlier this year, Michael Murphy, Head of Operational Technology and Critical Infrastructure APAC at cyber security solutions, hardware and services company Fortinet: “The threat landscape is very real.”

Murphy added that the application of cybersecurity measures in manufacturing is now being deemed as a competitive advantage in Australia.