Cyber Attacks On Industrial Plants Cost Companies Millions

Cyber Attacks On Industrial Plants Cost Companies Millions

On average, the attacks caused damage of 2.9 million euros.

A study by Trend Micro shows that 90 percent of German companies in the power, oil and gas, and manufacturing sectors have been affected by cyberattacks in the last 12 months. Forty-eight percent of the German companies surveyed said they “always” or “usually” respond to an attack that has occurred by making improvements to their cybersecurity infrastructure. Nevertheless, not all companies have sufficient resources or knowledge to protect themselves against future threats. As a result, 52 percent respond only “sometimes” or “hardly at all.”

For German companies whose OT (operational technology) and industrial control systems were affected by cyberattacks, the average financial loss amounts to around 2.9 million euros, according to their own figures. The oil and gas industry suffered the greatest loss. For 90 percent of German companies, the supply chain was affected in addition to core operations, forcing them to temporarily reduce deliveries or change delivery schedules.

OT security is less extensive than IT security

Three-quarters of German respondents said they had been affected by cyberattacks on their industrial environments as many as six times or more over the course of a year.  In addition, the study comes to the following conclusions:

  • 41 percent of German companies were already unable to fend off the initial attack.
  • The two most important factors for improving cybersecurity levels are future investments in cloud systems (31 percent) and the implementation of 5G campus networks (27 percent).
  • OT security is less advanced compared to IT security in terms of risk-based threat mitigation.

The integration of cloud computing, edge computing and 5G into mixed IT and OT environments has fundamentally changed industrial systems and processes. "Industrial sites around the world are embracing digitization to achieve sustainable growth. However, this has led to a flood of security threats that many companies are not equipped to deal with and that can cause great damage - both financially and reputationally," said Udo Schneider, IoT Security Expert at Trend Micro. "To secure what are now highly connected IT and OT environments, enterprises need experienced partners who have the foresight and the right toolbox of solutions."