The Indirect Costs Associated with Ransomware Attacks in the AG & CE Industries
Jan 14, 2021
Regardless of the business’s size or area of engagement, technological innovation within the agriculture and construction equipment (AG & CE) industries has improved productivity, efficiency, and communications. The collection, analysis, and storage of data have allowed organizations to refine their processes, increase efficiency, and comply with regulations as they evolve and grow. These advancements come at a cost, however. With more complicated devices and sensitive data on an organization’s network comes more attention from cybercriminals who want to use these resources to extort, disrupt, and attack your organization. Cybercriminals commonly attempt to do so through ransomware attacks in hopes that they can leverage your data and the functionality of your systems against you for financial gain.
The direct costs of paying ransoms and restoring systems are not the only costs AG & CE organizations face when sustaining ransomware attacks, however. What can be more costly are indirect losses. As dealers, once the knowledge of compromised information is known in the marketplace, customers tend to shift their business elsewhere, and the dealers’ brand name suffers long term. As manufacturers, delays up to multiple weeks are detrimental to an organization’s ability to deliver products on time and ruin an organization’s timelines. Other indirect costs they typically suffer are the breach of intellectual property, such as blueprints or schematics; the leaking of sensitive data associated with an organization’s competitive advantage, such as their bid data and strategy; and losses related to the sabotaging of autonomous or precision farming equipment. These indirect costs typically affect AG & CE organizations disproportionately compared with other industries.
Larger AG & CE manufacturers and dealers are typically better equipped and have more resources to prepare, monitor an attack, and recover more easily. However, they are only as prepared as the capabilities and strength in business understanding they have in place with their Cybersecurity partner. Smaller manufacturers, suppliers, and dealers normally have fewer resources available for Cybersecurity. Still, the results of an intrusion are far more devastating because it can lead to the business’s entire closure. In their situation, smaller companies must at least have a Cybersecurity monitoring system in place. In the end, regardless of your organization’s size, it’s essential to have the proper measures in place to prevent and mitigate cyberattacks. Secuvant’s development of a dedicated Channel focused on the AG & CE industries has put us in a unique spot to assist your organization with precisely that. This channel is mentored by our Board of Directors member Jim Walker, the former Executive Vice President and leader of Case IH North America. Large or small, we personalize our offerings based on your business and budget requirements to find specific solutions that work for your organization. When it comes to cybersecurity, being proactive is critical. Click here to learn more about how Secuvant’s superior cybersecurity services can benefit your organization and to talk with a Secuvant Expert today.
Located in Salt Lake City, Utah, Secuvant is a global leader in integrated cyber threat analytics and risk advisory services, built on a value system of client focus, integrity, accountability, execution, and teamwork. Secuvant’s mission is to provide clients with a Clear Path Forward in their pursuit of establishing an acceptable security risk posture. Secuvant’s success is built upon strict adherence to its values, a functioning world-class advisory board, the unique combination of cybersecurity expertise and industry / vertical specialization, and a team of experts that repeatedly deliver best-in-class managed and advisory cybersecurity and risk services. Secuvant understands Cyber Risk is Business Risk™ and uses methodologies and metrics aimed at minimizing business risk. Services include, but are not limited to, Security Gap and Risk Assessments, Risk Program Management, Executive and Board Cyber Advisory, Penetration Testing, Security Monitoring, Managed Detection and Response and Incident Response services. To learn more, visit www.secuvant.com.