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- New manufacturer cyber solution safeguards against threats to operating systems and supply chains
Gallagher unveils manufacturer cyber solution to close market coverage gaps FOO
Arthur J. Gallagher has responded to the ‘perfect storm’ facing manufacturers — a rising risk of cyber-attacks, coupled with increased vulnerability and largely excluded exposures — by designing and developing a bespoke policy to more effectively transfer their unique cyber risks.
Backed by A-rated Lloyd’s capacity and led by strategic partner Brit Insurance, Gallagher has developed a custom wording in conjunction with manufacturing trade bodies and global Fortune 500 companies to ensure cover most closely matches the emerging exposures faced by manufacturers today.
Gallagher’s Manufacturers’ Cyber Policy indemnifies against property damage and bodily injury exposures resulting from a control system interruption, typically excluded from other cyber policies. The policy also offers bespoke cover for increased cost of working, contractual penalties and contingent direct supplier interruption due to a cyber-attack, usually excluded from property policies. This exclusive Gallagher solution offers the first effective insurance response to the new era of cyber risk facing the sector.
Tom Draper, Technology & Cyber Practice Leader for Arthur J. Gallagher, said: “The connected world has been embraced by manufacturers to deliver significant efficiencies and advances. But with that connectivity comes new threats — such as the convergence of industrial control systems with ‘hackable’ enterprise systems which poses a potentially catastrophic risk. On top of that, manufacturing is now one of the most frequently hacked industries, second only to healthcare* — largely due to the volumes of intellectual property held by manufacturers or through corporate espionage.”
Despite this growing threat, exclusions on general liability and property policies for cyber are leaving manufacturers exposed to some of their most prevalent risks, explained Tom. “So we tackled this vulnerability head on, designing a global policy to bridge these gaps while also offering loss mitigation services through independent security consultants to provide end-to-end risk protection.”
More detail on our Manufacturers' Cyber Policy can be found here.
To read more about the new era of cyber risk for manufacturers and how connectivity has brought new threats as well as technological advances, download our full whitepaper here.
*IBM X-Force Research’s 2016 Cyber Security Intelligence Index