Three Key Ways OEMs Can Mitigate Their Cyber-Threat Risk

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Three Key Ways OEMs Can Mitigate Their Cyber-Threat Risk

Cybersecurity is a major worry for organizations in today’s increasingly connected world. Manufacturing has been considered one of the top three most targeted industries for cyber-attacks, which is why manufacturers are concerned.

Cybersecurity threats have increased in recent years, particularly with the outbreak of the COVID-19 pandemic. Cybercriminals are targeting all types of enterprises, including essential infrastructure and global supply chain participants.

No organization should believe itself to be totally immune to cyber-attacks, whether it’s ransomware, phishing attacks, Distributed Denial of Service (DDoS), or social engineering methods.

Most of the Original Equipment Manufacturers (OEMs) and other handle sensitive data, run extensive IT and OT activities, and, unfortunately, many lack the resources to address serious cybersecurity risks appropriately.

So, why should OEMs emphasize cybersecurity in particular? First and foremost, they assist manufacturing clients who are themselves subject to cyber threats. Whether it’s customer data, client lists, or staff information, they must keep their sensitive data away from prying eyes.

Here are a few strategies OEMs can use to protect themselves and mitigate the dangers of an evolving cybersecurity threat scenario.

Begin with the labor force

Having IT security as a part of the workplace culture is a good place to start. Some may claim that in today’s digital environment, everyone is aware of devious ‘phishing’ scams and how to deal with them. Each employee is likely to have received at least one strange email in the previous week or month. However, because the sophistication of these e-mails is improving, ongoing training of employees on the current strategies is required.

As a result, OEMs must ensure that everyone in their business is aware of the risks and is armed with the necessary information to minimize them. OEMs should teach employees ‘do’s and don’ts,’ such as avoiding opening unusual email attachments, clicking on links, using proper password practices, and so on, as well as enacting formal company-wide rules that hold employees responsible.

Also Read: Addressing the Rise of Cyber-Threats to Supply Chains

Consider cyber insurance

Investment in cybersecurity insurance solutions is another method OEMs may use. It’s also vital to remember that cyber insurance isn’t a panacea in and of itself. When additional cybersecurity measures are in place, it works best.

Insurers may also provide audits to assist OEMs in addressing cybersecurity threats and improving their risk management capabilities. Additionally, manufacturers who are better prepared prior to an audit often obtain cheaper rates and deductibles, making cyber insurance more affordable.

When it comes to cybersecurity, OEMs have their job cut out for them. Safeguarding all of their external connections from being hacked should be a top priority.

Devise an Incident-Response (IR) strategy

The unpleasant fact is that there isn’t much a company can do to block a hacker from breaking into the system. OEMs should build an IR plan to deal with data breaches in the case of an incident. Damage will be limited, and recovery time and expenses will be reduced if an effective IR strategy is implemented.

It’s evident that cybersecurity isn’t simply an IT issue; it’s much more. It’s a problem of company management, requiring meticulous planning and analysis, a constant focus, and internal communication and training. And because the danger to cybersecurity is ever-changing, OEMs must keep their fingers on the pulse of the latest threats and, when appropriate, disclose them internally.

Developing a successful plan requires a significant time and financial investment, but the rising incidence and sophistication of cyber-attacks is a real danger that OEMs must be prepared for.

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