Security is one of the most important considerations for all types of businesses. When it comes to the metal fabrication industry in particular, a comprehensive strategy for securing assets — both digital and physical — is vital.
Because technology continues to transform the way in which metal fabrication businesses operate, among many others, a strong security plan must be regularly updated and expanded.
Ideally, your security plans already include considerations around the internet of things (IoT) and any and all machinery and equipment with such capabilities. If that is not the case, you should start planning on how to incorporate IoT devices into your security strategy as soon as possible.
Keep reading to learn more about the value of the IoT in the metal fabrication industry in terms of improving manufacturing, the threats posed by cybercrime and how to shore up your IoT security efforts.
Why the IoT is so important in metal fabrication
The IoT is, to put it simply, the connection of sensors to physical objects for the purpose of sharing information from those items through the internet. The high-level purpose of the IoT in the business world is to empower companies with rich streams of real-time and historical data that can then be reviewed and analyzed.
For the metal fabrication industry, the IoT provides especially valuable information across each shop floor and throughout entire companies. Data related to environmental conditions like temperature can help supervisors see in real time if specific tolerances are being exceeded on a given piece of equipment. IoT sensors tied to the supply chain can provide accurate and near-instant data about the location of an incoming shipment of raw materials or an outgoing order.
With the right solutions in place to manage these streams of data, companies can locate inefficiencies in production and make adjustments that improve productivity and generally boost their bottom line — an especially important consideration in an industry that often has low margins.
The ever-growing risk of cyberattacks
The use of an open system like the internet to share information, whether via an email sent on a mobile device or data transmitted through an IoT sensor, exposes your business to risk.
With so many companies relying on digital infrastructure, it is disappointing but not surprising that criminals have targeted connected businesses with nefarious actions like fraud and blackmail. The costs of these crimes add up quickly. A report published by McAfee™ and the Center for Strategic and International Studies placed the total global price of losses related to cybercrime in 2019 at more than $1 trillion, which is slightly more than 1% of the total global gross domestic product (GDP).
While large businesses can face high-profile attacks that receive extensive media coverage, the truth is that all companies are at risk when it comes to cybercrime. To enjoy the benefits of the IoT while addressing its most serious potential drawbacks, a comprehensive security strategy is needed.
Methods for mitigating IoT-related risks
There are several tactics that businesses in the metal fabrication industry can use to improve the security of their IoT-connected equipment and the networks to which these sensors send data. Some can be completed largely or wholly by IT staff and other internal stakeholders in the right conditions, while others require an investment to purchase a product or service that improves IoT security.
Internal efforts to secure an IoT network include common-sense, proven strategies already used in other areas of IT security. Keeping all IoT software up to date by regularly installing the latest versions, and any security or other patches that the provider may issue, is critical. Older versions of software may contain vulnerabilities that make it that much easier for cybercriminals to access your systems.
Similarly, your organization should require all staff who log into systems connected to the IoT — and any other secure networks — to use strong passwords. That means each user should have their own account with unique login details. Simply using default settings exposes your business to more risk, as it can be easier for cybercriminals to discover these details and use them to your company’s disadvantage.
More comprehensive methods of securing an IoT network often involve working with a service provider or purchasing a security product specifically designed to defend your IoT assets.
Whether your company wants to use software to improve the capabilities of in-house IT staff or turn to a service provider is an individual question that has to take costs, internal expertise, qualifications and many other factors into account. However, the price portion is consistent. Your business may have to make significant financial commitments to secure purpose-built software or the ongoing services of a trustworthy security provider. Turning to a trusted partner to secure the financing needed for such financial outlays can help turn a strong concept for an IoT security plan into reality.
As the Leading Bank for Business1, Comerica Bank can offer financial expertise and support for such investments. Our long history of working with businesses in the metal fabrication industry means we understand the specific and unique challenges it faces. To learn more, get in touch with our team today.