Below is a preview of one of the articles in the new issue, "Manufacturers Beware: The Continued Threat of Cybersecurity Breaches, Hacking & Malware" by Keith Hamasaki, CPA & Steve Chhuor, CPA:
Since the Target data breach in 2013, and Equifax in 2017, there are more and more cybersecurity concerns brought into public view each year. Companies big and small continue to have data security breaches. Manufacturing companies are just as likely to be targeted as any other business in any other industry, and it’s now more important than ever to plan for and implement processes and procedures that will protect against cybersecurity threats.
Manufacturing: A Prime Target for Cyber Attacks
According to a 2018 Data Breach Investigations Report by Verizon1, Manufacturing was listed as one of the top 10 industries targeted by cybersecurity threats. In addition, the report states that 86% of cyberattacks on manufacturers are targeted offenses. This means that while the average attack is opportunistic, breaches in the manufacturing industry are planned and well organized. “Almost half (47%) of breaches involved the theft of intellectual property to gain competitive advantage,” states the report. From data collection to productivity tracking and more, digital tools are being utilized across the board to improve the bottom line, and have become an essential part of doing business in the modern era. The manufacturing industry in particular has seen incredible improvements in organization and efficiencies through the use of industrial control systems and other software programs designed to save time and money, however, these improvements may have come with an unforeseen cost. These digital tools, while helpful, create a vulnerability that can...
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KROST Quarterly is a digital publication that highlights some of the hot topics in the accounting and finance industry. Issue 1, Volume 2 covers manufacturing trends and news including cybersecurity, tax benefits and incentives, and technological advances in manufacturing.