Rising Ransomware, Supply Chain Disruptions & Geopolitical Issues Complicate Cybersecurity | #ransomware | #cybercrime

Cyber-physical systems security provider TXOne Networks recently published its 2023 annual report detailing a growing range of cybersecurity issues facing global industries.

The Crisis of Convergence: OT/ICS Cybersecurity 2023, which is available for free download, “details diverse intensifying challenges, including growth in attacks via Ransomware-as-a-Service (RaaS) models, exploitation of supply chain vulnerabilities and prevalence of state-sponsored hackers and other politically motivated actors in the wake of geopolitical issues,” according to the company announcement.

TXOne Networks surveyed 405 key information technology (IT) and operational technology (OT) security decision-makers from across multiple global markets and sectors including automotive, pharmaceuticals and biotechnology, chemical, general manufacturing, oil and gas and transportation in September 2023.

The Crisis of Convergence: OT/ICS Cybersecurity 2023 “distills the survey findings, alongside extensive TXOne Networks threat research from 545 cybersecurity incidents around the world in 2023,” according to the company announcement.

“The threat landscape has intensified significantly in the industrial manufacturing and critical infrastructure sectors, leading to destructive events, economic losses, and potential risks to human safety,” reads the TXOne Networks report, which was produced in collaboration with Frost & Sullivan.

“Organizations emphasize the protection of critical OT assets as a top priority, with data security being a key investment area within their OT security budget allocations,” the report says. “Organizations are also seeking to invest in strengthening the resilience of their technological infrastructure and are turning to innovative approaches like Cyber-Physical Systems Detection and Response (CPSDR), which integrates OT expertise across various domains.

“This enhances OT security posture and resilience against evolving threats, enabling organizations to better protect their operations and ensure resilience in the face of a constantly changing threat environment,” according to the report.

More About the TXOne Networks Cybersecurity Report

The Crisis of Convergence: OT/ICS Cybersecurity 2023 explores a range of topics relevant to contemporary OT/ICS cybersecurity:

  • Ransomware threats
  • OT system maintenance and Information Technology (IT) integration concerns
  • Nation-state cyberattacks and implications
  • Dedicated teams for OT and Industrial Control System (ICS) security management
  • OT/ICS cybersecurity investment
  • New regulations and standards propelling OT/ICS defense
  • Supply-chain Integrity

The Crisis of Convergence: OT/ICS Cybersecurity 2023 is the result of a thorough research and technical analysis that is aimed at delivering up-to-date insights into the global threat landscape and the tactics that malicious actors employ to launch attacks,” says Terence Liu, chief executive officer (CEO) of TXOne Networks, in the announcement.

“The findings are clear,” he says. “Organizations must move well beyond regulatory compliance in their OT/ICS cybersecurity strategies if they are to successfully adapt for the constantly evolving threat.

“Safeguarding the availability, reliability and security of revenue-generating operations will depend on new governance structures, enhanced team and technical capabilities, integration of advanced threat detection and response into cybersecurity frameworks and risk management across the supply chain,” says Liu.

Another version of this article originally appeared on our sister-site Security Sales & Integration on February 16, 2024. It has since been updated for My TechDecisions’ audience.

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