36 THE DISTRIBUTOR’S LINK IMSM LTD. The Gig House, Oxford Street, Malmesbury, Wiltshire, SN16 9AX, England TEL +44 1793 296 704 EMAIL ScottMersch@imsm.com WEB www.imsm.com CYBER ATTACK? NAH, WE’RE JUST NUTS AND BOLTS by Scott Mersch It’s in the news, we know it’s there, “but it will never happen to us….”Cyberattacks have affected various companies in 2023 and 2024. Some companies have been forced to shut down parts of their operations due to a loss of trust in their customer base. Here are a few examples of recent situations: ¤ McLaren Health Care - A cyberattack in August 2024 disrupted all 13 of the health system’s Michigan hospitals and medical provider networks. ¤ Prospect Medical Holdings - A ransomware attack in August 2023 forced the closure of some outpatient facilities. Medical staff switched to manual procedures while the network was down. ¤ CDK Global - Cyberattacks in June 2024 shut down the company’s platform, which provides software for managing sales and other services to around 15,000 auto dealerships, parts suppliers and repair shops across the U.S. and Canada. ¤ Bassett Furniture Industries - A ransomware attack in July 2024 forced the furniture giant to shut down some manufacturing facilities. ¤ Royal Mail - A ransomware attack in January 2023 temporarily halted international deliveries and resulted in stolen data. Other recent cyberattacks include: ¤ A data breach at Corewell Health, a Michigan health system, may have exposed the medical and personal data of over 1 million patients. ¤ A cyberattack on mortgage giant Mr. Cooper may BUSINESS FOCUS ARTICLE have affected more than 14 million people. ¤ A disruption to Staples online ordering. ¤ A software update by cybersecurity firm CrowdStrike triggered systems problems, grounding flights and forcing broadcasters off the air. While there haven’t been widely publicized cybersecurity breaches, specifically in the fastener industry, the manufacturing sector, which includes fastener production, has seen a significant increase in cyberattacks. In 2023, there was a 33% rise in cyberattacks on manufacturing companies, with 44% of these incidents attributed to inadequate patch management. The impact of these breaches can be severe: [1] Operational Disruption: Cyberattacks can halt production lines, leading to significant downtime and financial losses. [2] Data Theft: Sensitive information, including intellectual property and customer data, can be stolen and sold on the dark web. [3] Ransomware: Attackers may encrypt critical data and demand a ransom for its release, further straining financial resources. [4] Reputation Damage: Breaches can erode customer trust and damage the company’s reputation, leading to long-term business impacts. Given these risks, it’s crucial for fastener industry companies to implement robust cybersecurity measures to protect their operations and data. These attacks often target the supply chain, intellectual property, and operational technology systems. CONTINUED ON PAGE 104
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