In the manufacturing industry, threats in the nature of cybersecurity have been increasing over the past few years. Such threats not only create a barrier in a company’s success through the loss of productivity, but perhaps a greater loss resulting from cyber breaches is in the area of intellectual property (IP).
If a competitor is able to obtain IP over a certain unique process that distinguishes a company, a manufacturing firm can lose its competitive advantage that gives it value and, in the long-run, it may become financially insolvent.
To combat such deleterious threats, an increase in cybersecurity professionals is vital, according to a recent article investigating the issue in the San Antonio Business Journal. Deloitte Tax LLP, service firm that has a branch in Dallas, recently issued a report showing that 29% of manufacturing firms find the lack of adequate cybersecurity competency to be a barrier. This number ranked especially high for mid-size firms ($500M-$5B revenue) in which 39% of firms found it to be a barrier.
So how can this problem be combatted? One possible solution is for U.S. manufacturing companies to perhaps look outside national boundaries for more professional cyber help. For example, the nation of Israel has been a growing international leader in cybersecurity. In fact, despite Israel’s small size, it is the second largest exporter of cyber security goods and services after the United States.
Houston’s Mayor, Sylvester Turner visited Israel last month one purpose being to glean from the Jewish state ways in which the city can improve its cyber capabilities. Accordingly, manufacturing companies should take a similar proactive approach and seek to combat cyber threats by allying with Israeli cybersecurity professionals.
Sources
https://www.bizjournals.com/sanantonio/news/2017/07/26/how-cybersecurity-breaches-last-year-swiped.html
http://nocamels.com/2014/12/cyber-security-nation-israel/