Ransomware attacks on manufacturing sector proving successful

A recent survey conducted by cybersecurity firm Sophos reveals that ransomware groups targeting manufacturing sector servers have achieved a high success rate in encrypting data and extorting ransoms from their victims.

The report titled “The State of Ransomware in Manufacturing and Production 2023” highlights that attacks on manufacturing firms have proven successful in 70% of cases, with hackers capitalizing on network vulnerabilities to gain unauthorized access.

Interestingly, the manufacturing sector, being one of the most heavily impacted industries, has begun to prioritize data backup and recovery solutions. By investing in these solutions, companies are proactively preparing themselves to swiftly resume operations in the event of a malware attack.

Backing up data and leveraging it for seamless continuity in the face of ransomware attacks is a logical approach. It not only eliminates the need to pay a ransom for decryption keys but also minimizes the impact of downtime.

In 2022, Sophos researchers discovered that 77% of businesses experienced revenue loss due to ransomware attacks. This means that affected organizations not only incur the costs associated with downtime but also have to address the subsequent risks, such as customer and partner attrition, as well as the recovery process.

Therefore, investing in data backups is a prudent decision, as it ensures prompt response upon detection and reduces the time required for business recovery.

It is important to note that paying a ransom does not guarantee the receipt of a decryption key. Furthermore, hackers may repeatedly target the same organization throughout the year. In double extortion attacks, paying the ransom does not guarantee the deletion of stolen data from the criminals’ servers.

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Naveen Goud
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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