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Chris Emery, co-founder and CTO (left) and Theo Saville, co-founder and CEO

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in Business Strategy & Management

Artificial intelligence ushers in a brave new world for CNC machining

It is rare to come across a technology or business model that has the power to transform operations in a practical way, but if the vision of CloudNC comes to fruition it could do just that. …

Huawei’s president for global government affairs, Victor Zhang

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in IT & Communication

Huawei’s pushes 5G’s impact on industrial digital transformation

Following the recent launch of 5G in the United Kingdom, the country has now entered a new era of connectivity. With 5G delivering the network convergence that will be central to the modern …

PLM is the cornerstone of digital transformation

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in Software, Data & Analytics

PTC adds PLM to portfolio on Microsoft Azure to accelerate customers’ digital transformation

PTC has announced that it has expanded its strategic alliance with Microsoft by delivering its Windchill product lifecycle management (PLM) solution on Microsoft Azure. Optimising Windchill …

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in Business Strategy & Management

MRPeasy helps Vivacity Labs keep the traffic flowing

To gain comparable visibility of its current and future manufacturing operations, Vivacity Labs has selected a cloud-based Manufacturing ERP package from MRPeasy. Municipal and highways …

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in News

Lufthansa Technik group embarks on digital transformation journey

PTC have announced that Lufthansa Technik Group has selected the Windchill Product Lifecycle Management (PLM) and the ThingWorx Industrial Internet of Things (IIoT) platforms as the core …

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in Automation & Control

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.”

newslog
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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