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High-fidelity analytics technology for optimal operation of energy across the process industries

KBC announced at the ARC Forum in Orlando the release of a new high-fidelity analytics technology, VM-MPO 6. It will allow scheduling engineers and operators to incorporate more precise …

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in Automation & Control

Bedrock Automation and Wood partner to advance Open Secure Automation (OSA)

Bedrock Automation announced at the ARC Forum in Orlando that it has established a partnership agreement with integration provider Wood. Under the agreement, Wood automation & control, …

SMX is a cybersecurity solution to protect industrial operators against USB threats.

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in Software, Data & Analytics

Secure media exchange keps human authentication part of USB security

At the ARC Forum in Orlando Honeywell announced the latest release of Secure Media Exchange (SMX), a cybersecurity solution to protect industrial operators against new and emerging Universal …

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in Automation & Control

Schneider Electric’s EcoStruxure Process Safety Advisor delivers profitable safety for industry

At the ARC Forum in Orlando, Schneider Electric announced EcoStruxure Process Safety Advisor, an IIoT-based digital process safety platform and service that enables customers to visualise …

A new report reveals manufacturers are at risk from inflated costs The shockingly high cost of protecting against cyberattacks has been revealed with the manufacturing industry forking out around £2.12bn annually to combat the growing threat of data breaches and system outages. Research from AVORD – a security testing platform – reveals that 89 per cent manufacturers have seen an increase in the number of data breaches over the last five years. Opportunistic multi-national consultancies are being blamed for inflating the price of security testing in the UK, with many manufacturers being charged inflated prices to conduct tests on their critical assets. And with increasing fines for manufacturers found to be in breach of industry regulations, the cost of hacking can be huge. Consultancies taking advantage The findings put the spotlight firmly on the security testing market, which is dominated by consultancies who provide services to businesses, sometimes at twice the daily rate of an independent tester – often referred to as ethical hackers. With 77 per cent of UK businesses claiming the cost of testing is too expensive, there is a clear demand for change. Over three quarters of manufacturers outsource their cybersecurity testing according to the research, with 73 per cent increasing the level of security testing on the Internet of Things (IoT). A surge in cybercrime Worryingly, 40 per cent of manufacturing companies have battled an online security breach in the past 12 months, which have directly hit their bottom lines through costly fines and loss of business. However, with cyberthreats constantly evolving and changing, nearly three quarters said that approving the target and regularity of testing is the biggest difficulty when it comes to cybersecurity. Over the past five years, most companies have seen a major increase in the number of data breaches: one in five reported an increase of between 11 and 20 per cent, while more than a half reported up to ten per cent more data breaches. The true cost of cyberattacks As new emerging technologies are deployed, and applications increasingly underpin core business processes, firms across the UK claimed that cybercriminals are creating new ways to exploit vulnerabilities, which is putting increased stresses on them at an already challenging time. The impact of breaches in the past 12 months has been wide spread, with 85 per cent experiencing a fine from regulators and 78 per cent reporting a loss of customers. Almost all companies confirmed that the breach was at least partially due issues in the security testing process. A new era in security testing AVORD promises to slash the price of security testing, with its free online platform bringing 1000s of highly qualified security testers together with UK businesses. The brainchild of two career security professionals, who have seen the market monopolised by major consultancies, it will enable companies to reduce their costs by 30-40 per cent. “Quite simply, security testing has become too expensive for many UK businesses,” Brian Harrison, founder and CEO of AVORD, commented. “Companies are struggling to cope with the ever-increasing threats impacting on their attempts to secure systems at current costs. Unless something changes, businesses will be forced to cut corners, and this will inevitably mean there are more data breaches and system outages. “AVORD has been designed to disrupt the current security testing model by cutting out the costly ‘middle-man’ consultancies and allows businesses to directly manage and engage security testers. This means that whereas industry currently pays up to £1,100 per day for cybersecurity testing, that cost will be reduced to approximately £600, collectively saving UK businesses around £3bn annually.”

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in Software, Data & Analytics

Manufacturers hit by £2.12bn security testing bill

A new report reveals manufacturers are at risk from inflated costs The shockingly high cost of protecting against cyberattacks has been revealed with the manufacturing industry …

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in Business Strategy & Management

British manufacturing preparing for uncertainty

Increasing digitalisation, the growing skills shortage and the uncertainty of Brexit — British manufacturing has a lot to contend with. Despite this, the United Kingdom is predicted to break …

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in Automation & Control

Digitalisation and the food and beverage industry

Wikipedia, the world’s largest free-content encyclopaedia, now has over 41,000,000 articles in 294 languages. If printed, the English articles alone would form an impressive, but unrealistic …

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in Software, Data & Analytics

IoT Solutions World Congress will display ten practical uses on industrial internet solutions

A smart platform to control water quality in Alaska and save Beluga whales, smart home gate capable of opening at the owner’s arrival or transforming your garage into a giant letterbox for …

Businesses are moving to outcome-based, servitised business models

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in Business Strategy & Management

Asset and service data will have gravitational pull on other parts of the business

Asset and service data will have a gravitational pull on other parts of the business, putting a new business lens on enterprise performance, according to a new global research report, …

Servitization is reshaping business models

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in Business Strategy & Management

Gen Z will be the last generation to remember a product-based economy

Generation Z, those born between the mid-1990s to the mid-2000s, will be the last generation to remember a product-based economy, according to a new global research report “The Rise of Asset …

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