Manufacturers see security as an IT issue. It is, but at the same time, they should treat security as a business issue. It should be a top concern for manufacturing firms, especially those that have embarked on their digital transformation journey. Some manufacturers address their security concerns by taking their journey straight to the cloud—shown to be more secure than on-premise in Gartner's recent report.
Manufacturers are a prime target of cybercrime
The manufacturing industry is one of the sectors most vulnerable to attacks by cybercriminals. And to make matters worse, manufacturers have long neglected prioritizing security simply because it is not their core expertise. In a recent report, statistics show that nearly half of US manufacturers have experienced a data breach. And out of these companies, almost 10% suffered from a crippling attack.
To put things into context, Norsk Hydro, a leading producer of light-weight metals, suffered an attack in 2019 that resulted in costs of US$52 million. In 2018, TSMC, one of Taiwan’s largest manufacturers, lost an estimated US$170 million when a cyber-attack disrupted production. And these are just some high-profile cases. Many small to mid-sized manufacturers are even more vulnerable to cyber-attacks.
Find out how the In Mind Cloud Digital Sales Platform enhances your security posture.
Digitalization via the cloud is a smart decision
It prepares your business for future opportunities and keeps it one step ahead. However, neglecting your organization’s security could take your business several steps back. This nightmare scenario can take years (if ever) for your business to recover. And as your manufacturing business gets smarter, more connected, it gets more vulnerable to cyber-attacks or cyber espionage.
Business disruption is just the beginning of your troubles
That is because a smart manufacturing setup is extraordinarily complex. Various technologies and computer systems run everything in your business:
- Production process
- Supply chain
- Customer management
- Human resource
Ransomware or denial-of-service attacks inserted into any of these points can disrupt your production process. And of course, the disruption will not end at just loss of production hours. If your business is only a part of the long manufacturing chain, delays on your end will result in catastrophic consequences. Consequences that your customers will NOT readily forgive.
Protect your ERP. Protect the business.In manufacturing, your ERP is the operating system that keeps your business running. The information it holds is like nectar for cybercriminals. Financials, product planning, costs, distribution, logistics, manufacturing processes, order management, equipment—the list goes on. Protecting your ERP has to be your top priority. But where should you start? Experts say that manufacturers should look towards the cloud. With enterprise cloud adoption growing steadily on a global scale, manufacturers cannot afford to ignore it.
By default, the cloud offers business benefits like cost-savings, improved agility, less administration. In terms of security, it also uses practices like the latest encryption technology, highly secure data centers, 24/7 monitoring, and more. But moving your ERP to the cloud may not be feasible for some manufacturers for several reasons. The next best thing? Look at cloud-native services for your ERP.
Top 3 signs of a cloud-based vendor you can trustHowever, being cloud-native does not automatically make a cloud vendor secure. Security is often a shared responsibility between a vendor and the cloud service it uses.
1. Best-in-class cloud platform partnerThe first thing to look out for is the cloud service’s hosting partner. At In Mind Cloud, we are certified to work with SAP, a leader in cloud computing. The SAP Cloud Platform is globally recognized as one of the best enterprise platform-as-a-service (PaaS) services in the industry. It uses sophisticated German security principles, which customers can benefit from out-of-the-box when they engage In Mind Cloud as a vendor.
2. Security baked into the softwareSimply relying on the cloud platform’s security is not enough. Manufacturers should also note the cloud service’s security fundamentals. In Mind Cloud’s Digital Sales Platform has security built-in. The Manufacturing X source code is developed and updated using industry best practices and mature tools that ensure our customers' highest level of security.
Here are the security measures we take to keep your business safe:
- Secure authentication
- Secure authorization
- Secure application
- Secure operations
- Secure network communication
- Logical & physical security
3. Three business-critical software from one secure vendorCustomers that engage In Mind Cloud also benefit from one major factor—our powerful three-in-one sales platform built by manufacturing industry experts. Our approach ensures that each software, be it CPQ, CRM, Commerce, or all of them, meets your unique manufacturing security requirements.
By using a single secure platform for three business-critical needs, your security posture is increased significantly. A single vendor approach helps manufacturers in several ways. Simplified event capture, single management view, reduced IT training and maintenance costs, and easier breach quarantine are just some of the benefits that In Mind Cloud can provide your business.
Mitigate your risks with a secure cloud-native partnerTo stay competitive, your smart manufacturing initiative needs to happen soon. Taking the cloud approach can speed up digital adoption while reducing your cyber risks substantially. Discover the full extent of how Manufacturing X keeps your business secure, read the “In Mind Cloud Cloud Security Guide.”
Find out how our highly secure three-in-one sales platform can enhance your security posture.