The recent Fortinet Operational Technology Summit highlighted how cybersecurity has become the top business risk, noting that 78% of manufacturers now rank cybersecurity as among the Top 5 business risk, compared to 70% in 2020.
Of these risks, Fortinet observed that ransomware remains a major contributor, increasing from 23% of attacks on the manufacturing industry in 2020 to 36% in 2023. According to the cybersecurity solutions company, over 80% of manufacturers experienced at least one data breach in the past year, with 15% experiencing six or more.
“We have to look at balancing maintaining compliance around operational technology (OT) and building defenses against the backdrop of regulation, culture, and funding,” said John Maddison, chief marketing officer and executive vice president at Fortinet.
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Phishing and malware remain the most common security incidents reported, along with spyware and ransomware.
“Operational resilience in the face of cyber threats is crucial amid the gaps in defense strategies,” said Maddison.
Regulatory compliance
Fortinet emphasized the importance of understanding the operational resilience of critical infrastructure and prioritizing vulnerability management to protect against cyber attacks, noting the need for a continuous integration approach to exercise and improve architecture, response plans, and operational resiliency in the face of evolving threats.
Recognizing the need to boost cyber defenses, manufacturers have increased their OT security audits, with 48% having conducted theirs in the past six months, up from 44% in 2020. The stringent measures for securing data had organizations on their toes, with 23% of manufacturers performing OT security audits monthly, while 49% do so quarterly.
With these concerns, Fortinet is offering the Fortinet OT Security Platform, a suite of security products and services designed to protect industrial networks, offering deep visibility, Zero-Trust Security, and a centralized Security Operations Center (SOC). The company is also leveraging artificial intelligence (AI) to secure network edges.
During the summit, Fortinet highlighted its integrated approach to security, powered by real-time OT threat intelligence, enabling customers to establish a zero-trust model and securely facilitate IT/OT convergence.