The manufacturing industry is probably at the most risk of corporate espionage and theft of trade secrets and designs. With smart devices and Internet of Things (IoT) taking over the world by storm, security concerns have increased dramatically. Manufacturers are taking a great deal of enhanced interest in securing their connected products.
Manufacturing companies are specifically targeted for their intellectual property and business processes. Increased integration between technology and the sold product results in greater risk of being hacked. Federal, state and local regulations are also increasing and manufacturers are being needed to comply at much larger scales. Cyber risk management has become a key priority for manufacturing companies.
Manufacturing companies face more and more regulation at the federal, state and local levels that they are required to comply with. In their quest for growth and market share, these companies also need to find the right balance between innovation and security.