Cyber insurance policy endorsements for manufacturers target a growing, strategic threat facing
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 cyber criminals. A cyber hack, malware, miscode or virus can severely impact a production line, supply chain and company reputation.
Cyber exposures covered by Zurich's manufacturing- specific endorsements include:
* 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
Chia noted that most midsized companies, including manufacturers, don't have the same cyber defense infrastructure and expertise as large organizations. In today's rapidly evolving, increasingly threatening cyber risk environment, this can lead to a greater vulnerability for midsized manufacturers. To help address those 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 will discuss the new manufacturing endorsements today in
"Buyers of cyber insurance are becoming more sophisticated than ever before," said