Strong risk management is critical in the Industry 4.0 fight against cybercrime.
The ability to automate traditional manufacturing and industrial processes, supported by data sensors and powerful analytics, has seen the Industry 4.0 trend turbocharge the growth of many companies. By allowing for greater connectivity between machines and facilities, it has accelerated supply chains, driven significant efficiencies, improved the flexibility and agility of businesses, and facilitated a much better customer experience.
All of this has contributed to the explosion of the internet of things (IoT). Analyst firm Gartner predicts there are now approximately 30 billion devices in the world and, according to research by IndustryARC, the global Industry 4.0 market specifically is expected to reach $156.6 billion by 2024. This pace of change will continue to advance as companies seek to stay competitive and maximise the quality of their products and services.
“Industry 4.0 has transformed the way many businesses operate,” says Andrew Bryson, operations senior vice president at FM Global, one of the world’s largest commercial and industrial property insurers. “An…
