Two in five manufacturers have been a victim of cyber-crime over the last 12 months according to new research.

One in five of 150 companies surveyed by manufacturers organisation Make UK reported substantial financial loss as the result of an attack, ranging from £50,000 to £250,000.

Virtually all respondents said cyber security measures were necessary for their company while two thirds said their importance has increased in the last year.

Stephen Phipson, chief executive of Make UK said: “Digitisation is revolutionising modern manufacturing and becoming increasingly important to drive competitiveness and innovation.

“While cost remains the main barrier to companies installing cyber protection, the need to increase the use of the latest technology makes mounting a defence against cyber threats essential.”