Cyber-attacks are on the increase for many of the UK’s manufacturing firms

Three in five of the UK’s Manufacturing and Engineering firms (M&E) have suffered a cyber-attack (UK average: 45%), with ransomware attacks the most frequently experienced, followed by phishing emails and denial of service (DoS) data breaches. Of those firms who have suffered a cyber-attack, 68% have been the subject of increased incidents, and 50% have suffered a financial loss, according to independent research from Close Brothers Asset Finance.
The research also reveals that 65% (UK average: 52%) of M&E business owners have invested in staff training to help prevent cyber-attacks, and a further 60% have paid for additional cyber security in the past 12 months.
Has your firm suffered any of the following cyber-attacks:
l Yes, Ransomware attack 22% (UK: 17%)
l Yes, Denial of Service (DoS) Data breach 12% (UK: 9%)
l Yes, Phishing attack 12% (UK: 10%)
l Yes, Malware attack 6% (UK: 4%)
l Yes, a combination of these cyber-attacks 7% (UK: 5%)
l No 41% (UK: 55%)

Our view
“It is well documented that many businesses of all sizes have at some point suffered some form of cyber-attack, whether it’s a ransomware or phishing attack,” said Steve Gee, CEO of Close Brothers’ Industrial Equipment Division. “What our research shows is that company owners are not only more aware of the dangers posed by cyber-attacks but are taking action by investing in training or additional security, or a combination of the two.
“This clearly doesn’t come cheap but the potential losses, both financial and reputational can mean it is something all business owners will increasingly have to consider, if they haven’t already.”

Banks
Trust in banks’ IT systems is quite high at 76%, and there is still relatively high usage of local branches for services, with 62% (UK average: 66%) of Manufacturing and Engineering businesses still regularly visiting high street banks.
This figure would likely be higher were it not for continued closures – 54% of respondents have been impacted by branch closures, which is among the highest figures of the sectors polled.
When it comes to using cash, over two-thirds (68%) of Manufacturing and Engineering operations still use this form of payment:
l Yes, but only to take payments – 36%
l Yes, but only to make payments – 22%
l Yes, to both take payments and make payments – 10%
l No – 32%
www.closeasset.co.uk