Typically, manufacturing companies do not consider themselves at risk for cyber attacks and have failed to take measures to secure their systems and data. However, as manufacturing businesses continue to increase their use of advanced technologies to create better and more efficient processes, there are increased cyber threats against manufacturing business.
Cyber Threats against Manufacturing Businesses
Hacked computers account for almost one third of cyber attacks at manufacturing operations. These attacks can lock companies out of their operating systems, preventing manufacturing companies from accessing company orders, product designs or production equipment. This can also disrupt shipping manifests, financial records and more.
Companies impacted by this type of cyber-attack have lost millions due to the interruption of their business operations.
Cyber attacks can also cause equipment to malfunction and damage property. According to Risk & Insurance, hackers caused a German steel mill’s blast furnace to overheat in 2014, leading to millions of dollars in property damage.
Protection from Cyber Attacks
More than half of healthcare, technology and retail companies in the U.S. currently have cyber liability insurance, but only 5 percent of manufacturing companies have coverage.
With the rise in cyber attacks on manufacturing companies, it is important to protect manufacturing businesses against the costs associated with these attacks. Luckily, Lockton Affinity offers CyberLock Defense, a one-of-a-kind cyber liability policy that offers:
- Full policy limits for cyber extortion and ransomware
- Business interruption expense and extra expense up to full policy limits
- Incident/claim intake managed by a law firm that establishes attorney-client privilege upon first contact
Along with this broad coverage, you receive flexible policy limits that range from $150,000 to $10 million. There are also no sublimits, so the policy limit you select is the policy limit you get. If you select a $5 million policy, you have full access to your $5 million policy limit, even for incidents of cyber theft, social engineering loss, ransomware and more.
Protect your manufacturing business today at CyberLockDefense.com or (913) 652-7520.