Beazley, Marsh Launch Cyber Insurance for Manufacturers
- Supply chain interruption from cyber-attacks against the insured or its suppliers
- Invoice manipulation resulting in payments being misdirected or fraudulently directed
- Technology disruption affecting operational and industrial controls, hardware and/or software
- E-crime losses from payment or delivery of money or securities as a result of fraud.
The coverage is available through Marsh to US manufacturers of all sizes.
Kristen Dauphinais, head of US middle market cyber & tech at Beazley, said: “Manufacturers’ risk management requirements are changing as they keep pace with the digital world, with many transforming into tech companies. Hacking and malware were the top cause of loss for manufacturers reported to Beazley in 2018 and, as the Internet of Things and more complex supply chains have increased connectivity, they have also expanded the scope for far-reaching cyber-attacks. These specialist coverages will help manufacturers to more effectively manage potential threats before they take hold, robustly protect their businesses and minimize disruption caused by a cyber event.”
Thomas Reagan, US cyber practice leader at Marsh said: “Manufacturing is among the fastest growing segments purchasing cyber insurance today with a growing number of manufacturers acknowledging that cyber risk is an operational risk that needs to be managed.”