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Cyber Security Insurance for Manufacturers
November 22, 2019 | Robert Bergman
In response to the growing threats posed to U.S. industrial firms by data breaches, ransomware and other malicious cyber activity, Zurich Insurance has announced policy endorsements that add cyber event coverage to manufacturer’s policies.
Prompting Zurich’s move is the fact that many manufacturers, especially midsized firms, have been largely unaware of the growing cyber risks they face as new digital technologies connect with and replace legacy systems, presenting new vulnerabilities that can be exploited by cybercriminals.
In recognition that a cyber hack, malware, miscode or virus can severely impact a production line, supply chain and company’s reputation, Zurich manufacturing-specific endorsements cover the following:
- Any components that are part of supervisory control and data acquisition systems (SCADA), programmable logic controllers (PLC) or other industrial control systems;
- Computer hardware, firmware, software and electronic data, as well as associated input and output devices utilized in manufacturers’ operational technology strategy;
- Computer peripheral devices, including wireless and mobile devices, which comprise a growing segment of manufacturers’ overall connected environment;
- Electronic backup facilities, including systems accessible through the internet, intranets, extranets or virtual private networks, which manufacturers use as part of their cyber security defense protocol.
“Historically, manufacturers have presented lower profiles to cyber criminals because they did not have large databases of personal information to be accessed and stolen,” said Michelle Chia, head of Professional Liability and Cyber for Zurich North America.
“Today, as manufacturers become more dependent on network connections linking industrial control systems with production machinery, robotics and other vital hardware, they are becoming more attractive targets. If a plant is shut down for any length of time due to a cyberattack, the impact can be significant and long-lasting.”
To help manufacturers address cyber-vulnerabilities, Zurich offers a variety of cyber security services to all midsized customers, from initial vulnerability assessments to network monitoring. Services can be packaged with a Zurich Cyber Insurance Policy or can be purchased separately.
Wouldn’t it be nice if insurance companies would offer lower-rates to manufacturing concerns that implement controls with built-in cyber security? Zurich Insurance, if you’re listening …