Ransomware attacks have cost the manufacturing industry $46 billion in downtime since 2018

Aug. 4, 2023
A new report from Comparitech highlights how ransomware attacks are impacting the manufacturing industry.

A new report from Comparitech highlights how ransomware attacks are impacting the manufacturing industry. Since 2018, 478 companies in the industry have reported a ransomware attack, resulting in $46.2 billion in downtime. According to Comparitech, to determine the true cost of these attacks, they gathered data on the “amount of downtime caused, how much data was stolen, how much the ransom demands were, and whether or not these ransom demands were met.” Below are some key takeaways from their investigation:

  • More attacks (167) were reported in 2020 than any other year
  • The average demand from attackers was $11.2 million
  • Downtime from these attacks lasted anywhere from a few hours to 76 days
  • The transportation/automotive sector experienced the highest number of attacks (92)

In an except from the report, Rebecca Moody, Head of Data Research, wrote: “Downtime is one of the biggest costs companies face when hit with ransomware. If an organization isn’t able to get back up and running quickly, the knock-on effect can have widespread consequences for the company. Not only can it lead to huge costs but, in some cases, company closure. For example, when Clestra Hauserman (a French building material manufacturer) was attacked in April 2022, it affected the organization’s production for seven weeks and cost the company $2 to $3 million. This ultimately led to the company going into receivership. Using all of the available data, we have been able to estimate the true cost of downtime on the manufacturing sector. And according to a report in 2017, the average cost of downtime (across 20 different industries) is $8,662 per minute.”

Sponsored Recommendations

Arc Flash Prevention: What You Need to Know

March 28, 2024
Download to learn: how an arc flash forms and common causes, safety recommendations to help prevent arc flash exposure (including the use of lockout tagout and energy isolating...

Reduce engineering time by 50%

March 28, 2024
Learn how smart value chain applications are made possible by moving from manually-intensive CAD-based drafting packages to modern CAE software.

Filter Monitoring with Rittal's Blue e Air Conditioner

March 28, 2024
Steve Sullivan, Training Supervisor for Rittal North America, provides an overview of the filter monitoring capabilities of the Blue e line of industrial air conditioners.

Limitations of MERV Ratings for Dust Collector Filters

Feb. 23, 2024
It can be complicated and confusing to select the safest and most efficient dust collector filters for your facility. For the HVAC industry, MERV ratings are king. But MERV ratings...