Manufacturers give their reaction to the latest Budget announcement
The Manufacturer
Manufacturing news, articles & research, updated daily. Organiser of elite events for manufacturing thought leaders.
Hi Reader,
There was positive news from yesterday's Budget as the Chancellor announced more details around the Advanced Manufacturing Plan launched in the Autumn and an extension to full expensing. We've gathered reactions to the Budget from around the sector - see more below. ??
In other news, a worrying trend seems to be emerging within the world of manufacturing. Despite the sector now being the most targeted by cyber criminals, with 78% of manufacturers having already experienced an attack, our own Manufacturing Momentum Report has shown that a mere one percent have listed cyber security as their key challenge in 2024.
This was emphasised by an event I attended last week where Victor Lough, Cyber Security Solutions and Services Business Lead, 施耐德电气 , highlighted that ransomware now lines the pockets of malicious actors to the tune of over $1bn a year. He also warned that once an attack has been perpetrated, manufacturers typically operate at a sub-optimal level for the next three to four months - a considerable loss of revenue for an organisation if they are compromised.?
In addition, our lead story this week further highlights that the growing rate of cyber crime in the sector and the level of mitigation plans in place, are essentially moving in opposite directions. And rather than 'waking up and smelling the ransomware', cyber security is actually moving down the manufacturing priority list, with less than half of medium sized businesses having a strategy in place. This leaves manufacturers vulnerable in this fast-paced era of digitalisation. Full story below.??
Joe Bush, Editor at The Manufacturer.
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