Risks and rewards: Achieving the benefits of Industry 4.0, while mitigating industrial cyber threats 2021 | The Economist Events | 10 September 2021 | Virtual Event

Overview
Manufacturing’s embrace of the digitization of industrial operations – or Industry 4.0 – has been transforming the sector dramatically, a trend that has only accelerated during the uncertainty of the last two years. While process control data has been used to manage factory (OT) equipment for decades, manufacturers have recently experienced an explosion of data with the proliferation of Internet-of-Things sensors, Edge devices, and digital twins. The resulting insights and predictive capabilities bring the promise of new levels of operational efficiency, product quality, and sustainable operations.

Yet such progress can come at a price. You only need to look at the recent Colonial Pipeline ransomware attack to envision the impact of an industrial shutdown on business and the community.

In recent years the nature of industrial cyber threats has shifted from IT into manufacturing and its connected OT technology and physical infrastructure. Industry 4.0 means that many industrial processes and environments are becoming connected for the first time, with increased use of internet of things technology, edge computing, and plant 5G networks. This has given criminals, who are always finding new ways of committing cybercrimes, new opportunities to do so. But how can companies also ensure they stay ahead?

There needs to be a continued consideration of the security risks to connected industries by companies. An OT cyberattack poses potential catastrophic effects on worker safety, environmental exposure, and financial impact from production interruptions.

Yet, 78% of Industrial companies do not have OT-specific security policies, according to a Bloor Research survey of 370 organizations.
Industrial settings form key parts of critical infrastructure and are a hotbed of valuable manufacturing intellectual property – so it’s vital to assess these risks now.

Join us at this Economist Events webinar, supported by IBM, to hear from industry experts as they assess:
What are the types of recent cyber threats and potential impact on manufacturing – and how are companies staying ahead of criminals who commit cybercrimes?
• What are some best practices from leading industrial companies in this space?
• What lessons from IT environments can be applied in manufacturing and to managing risks to OT equipment? How can an open platform approach mitigate cyber threats and also accelerate Industry 4.0?
• What technologies and standards are showing success in tackling this threat?
• Who should have oversight over cyber risks in manufacturing, and who are the most effective champions for OT security in the C-suite? How can chief information security officers work with manufacturing leaders to manage cyber risks?

2021 Speakers

Leo Simonovich
VP, Global head industrial cyber and digital security, Siemens

Chris McCurdy
Vice-president, IBM Security Worldwide

MODERATOR:

Ana Nicholls
Managing editor, industry briefing, The Economist Intelligence Unit

2021 Sponsors

• IBM