Skip to content

Ransomware attacks cost manufacturing sector $46 billion in downtime since 2018, report claims

is a HTML tag used for creating a division or section in a web page.
– A recent analysis by Comparitech reveals the significant costs that the manufacturing sector has incurred due to ransomware attacks.
– The study examined 478 confirmed ransomware attacks on manufacturing companies between 2018 and July 2023 to determine the true cost.
– While ransom demands have received much attention, the research also highlighted the cost of downtime, with operations impacted and production lines halted, leading to unfulfilled customer orders.
– The example of Celestra Hauserman, a French manufacturer, illustrates the impact of downtime, as a ransomware attack forced the company to cease production for seven weeks, costing them $3 million and putting 700 jobs at risk.
– Other examples include semiconductor manufacturer MKS Instruments losing $200 million in revenue and SAF-Holland suffering $40 million in sales losses.
– Using a 2017 report that estimated the average cost of downtime at $8,662 per minute, Comparitech calculates that manufacturers have lost approximately $46.2 billion to ransomware-related downtime since 2018.
– The methodology considered only specific downtime figures for lost production time and erred on the side of caution when no specific figures were available.
– The true cost of ransomware extends beyond financial demands and can have severe implications for companies in the manufacturing sector.

Leave a Reply

Your email address will not be published. Required fields are marked *