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Industry Update Feb/Mar 2023 Issue 130

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AUSTRALIA'S LARGEST CIRCULATING MANUFACTURING MAGAZINE

Australian Made

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Issue 130 Feb/Mar 2023 $12.00 inc. GST

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Manufacturing trends for 2023

Manufacturing’s cyber status: most attacked industry by Christine Powis

C

yber crime is an almost invisible pandemic that has been infecting the world, and manufacturers need to be on high alert. According to IBM’s 2022 X-Force Intelligence Report, manufacturing became the most attacked industry globally in 2021 – replacing financial services. Manufacturing is less of a target here says the Australian Cyber Security Centre (ACSC) — but for how long? Cyber attacks worldwide are estimated to have stripped companies of US$8.4 trillion last year, according to Statista. com, and it’s only going to get more expensive. Industry estimates put the cost of attacks by 2025 between $10-$20 trillion (for context, nominal GDP for the US was $23 trillion last year). Several of Australia’s biggest, hightech firms were shocked by last year’s breaches and data theft, despite a cascade of warnings over the years. Although

manufacturers are less likely to store consumer data than recent high-profile victims, they too will be shocked when their systems are breached, held hostage and production crippled. There’s a bucketful of reasons manufacturers are increasingly targeted by cyber criminals. Yet many are complacent and some oblivious as to just how vulnerable their systems are – making them even more attractive. It’s sometimes been assumed industrial operations are less likely to be targeted because they don’t hold consumers’ personal data, but that’s no longer the case. The misconception is partly because most reported breaches are by public-facing firms which have had consumer data stolen and they have been compelled to tell people their data has been stolen. Incidents reported, however, are just the tip of the iceberg: most often, victims

do not talk about it unless they have to. Smart factories are busy enhancing production and supply chain performance by combining information tech (IT) and operational tech (OT) into reliable, interconnected factories which proactively analyse data for ongoing improvement. This integration can boost cross-functional collaboration, help plan and optimise processes, remediate quality defects and generally deliver better products faster and more cheaply. Along with all these advantages, greater interconnectedness brings greater risk: each interconnection enlarges the attack surface. Yet the trend to more connectivity and more smart devices in the Internet of Things (IoT) is not slowing, and 5G networks’ next-level connectivity will accelerate it. The risks are huge: around 60% of SMEs in the US which had a cyber Continues on page 14

Logi-Tech partners with Aria Cybersecurity to protect older legacy OT systems

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Industry Update Feb/Mar 2023 Issue 130 by Industry Update - Issuu