Rackspace Technology & Microsoft’s cybersecurity survey

Rackspace Technology and Microsoft have released ‘2023 Cybersecurity Research Report’, a survey conducted by Coleman Parkers Research. 1,420 responses were collected between July and August 2023, from across the Americas, Europe, Asia and the Middle East. You can read the full survey here. 

Cybersecurity dominates manufacturing C-Suites

IT Services and Consulting company Rackspace Technology is based in San Antonio, Texas and was founded in 1998, while Coleman Parkes is headquartered in London and was founded in 2000. 

The results show that cybersecurity is the top concern in the C-suites of manufacturers, above concerns around interest rates, sustainability, retaining/hiring employees and supply chain/logistics management.

Potential risks to manufacturers if cybersecurity defences are breached include these problems as the greatest concerns:

• 100% loss of intellectual property and data
• 96% operational downtime
• 75% damage to brand reputation
• 64% legal consequence
• 63% revenue loss. 

Everyone who was asked agreed that AI had increased the need for cybersecurity and said that they have a formal policy on AI governance and security. The biggest concerns that led to these policies are data privacy (67%) and compliance and legal considerations (70%). However, employee awareness and understanding of AI governance and security policy was only at 46%.

Manufacturers must embrace cybersecurity amid rising AI risks

“Cybersecurity is the top priority for manufacturers, who face serious risks of losing intellectual property, data, reputation, and revenue if breached,” said Jeff DeVerter, Chief Technology Evangelist at Rackspace Technology. “AI is driving the need for more investment and governance in cybersecurity, as well as better collaboration between security teams and C-suites. Manufacturers have increased their cyber budgets significantly to address these challenges.”

Manufacturing Digital previously interviewed Microsoft’s Çağlayan Arkan, Microsoft’s VP Global Strategy & Sales Lead for Manufacturing & Supply Chain. 

“Manufacturing is about growth,” said Arkan. “It’s about employment. It’s about innovation. It’s about competitiveness at all levels, not limited to enterprises. Then, in this world, you have to do all of that very sustainably and you have to ensure cybersecurity.”

You can read the full interview here. 

*************************************************

Check out our free upcoming virtual event, Manufacturing LIVE, 6th December 2023.

For more insights into Manufacturing - check out the latest edition of Manufacturing Magazine and be sure to follow us on LinkedIn & Twitter.

Other magazines that may be of interest - Healthcare Digital. 

*********************************************

BizClik is a global provider of B2B digital media platforms that cover 'Executive Communities' for CEO's, CFO's, CMO's, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare + Food & Drink.

BizClik, based in London, Dubai & New York offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.