On October 22, Steelcase was hit with cyberattck as per announcement by Steelcase in a filling with the Securities and Exchange Commission (SEC) on October 27. This is Ryuk ransomware attack that forced Steelcase to shutdown all impacted systems and related operations. Steelcase is the world’s largest office furniture manufacturer with $3.7 billion in revenue in 2020 with almost 13,000 emplyees worldwide and a network of 800 dealers.
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The single biggest threat to enterprises today is underestimating and failing to address cybersecurity across all of their cyber and physical systems. Ransomware attackers are going after higher value targets and that includes operational networks. And remediation costs and efforts to repair the operational, financial and reputational damage caused by these attacks put a significant strain on leadership teams.
For manufacturing, time is money, and the current pandemic has only added to the industry’s financial challenges. The disruption of IT and operational services, as well as manufacturing downtime and shipment delays, translates to even greater revenue losses. In this case, it appears the Ryuk attack caused a two-week shutdown of most of Steelcase’s global order management, manufacturing and distribution systems, pushing revenues into the fourth quarter.
IT and OT systems are converging and security teams need to take a new, holistic approach to cybersecurity. Businesses should deploy artificial intelligence and machine learning tools across their IT/OT networks to gain real-time visibility and identify cyber threats and resolve issues before harm is done. We know from working with thousands of industrial installations, that with the right technology and a focus on best practices, it’s possible to monitor and mitigate these risks and achieve operational resiliency. A robust cyber defense strategy is the best line of defense against a ransomware attack.
The single biggest threat to enterprises today is underestimating and failing to address cybersecurity across all of their cyber and physical systems. Ransomware attackers are going after higher value targets, and that includes operational networks. In addition, remediation costs and efforts to repair the operational, financial and reputational damage caused by these attacks put a significant strain on leadership teams.
For manufacturing, time is money, and the current pandemic has only added to the industry’s financial challenges. The disruption of IT and operational services, as well as manufacturing downtime and shipment delays, translates to even greater revenue losses. In this case, it appears the Ryuk attack caused a two-week shutdown of most Steelcase’s global order management, manufacturing and distribution systems, pushing revenues into the fourth quarter.
IT and OT systems are converging and security teams need to take a new, holistic approach to cybersecurity. Businesses should deploy artificial intelligence and machine learning tools across their IT/OT networks to gain real-time visibility and identify cyber threats and resolve issues before harm is done. We know from working with thousands of industrial installations, that with the right technology and a focus on best practices, it’s possible to monitor and mitigate these risks and achieve operational resiliency. A robust cyber defense strategy is the best line of defence against a ransomware attack.