According to figures from Advisen Ltd, manufacturers paid $36.9 million in premiums for cyber insurance in 2016. Those figures are up a staggering 89% from 2015. But why all of a sudden are manufacturers rushing to their insurance brokers to take out cyber policies?<\/p>\n
With cyber-attacks on big businesses never far from the headlines, it is not hard to imagine how a data security breach could shut down a factory. As the manufacturing sector becomes increasingly computerised that very worry has spread like wildfire throughout the sector and caused the \u201cbuy buy buy\u201d hysteria.<\/p>\n
A hack or breach in any part of a manufacturing business could easily threaten the security of the whole company; potentially stopping production and trading until the source is discovered, the damage limited and the incident investigated.<\/p>\n
According to Deloitte, in 2016 40% of manufacturing companies had experienced cybercrime in the last 12 months, furthermore according to the Manufacturers Alliance for Productivity and Innovation (MAPI) 38% of those impacted suffered damages of over $1 million.<\/p>\n
Customer data is often the main concern for consumer-facing businesses such as retailers and hospitals. In holding large amounts of customer information, you are susceptible to not only businesses interruption but also serious detrimental reputation issues.<\/p>\n
\u2018\u2018There is not a risk manager out there who wants to walk into a board meeting to explain why he didn\u2019t think to get a cyber insurance quote, especially since it\u2019s so cheap,\u201d Michael Blake at US insurer Alliant Insurance Services told Reuters.<\/p>\n
To get a Cyber Liability Insurance quote for your manufacturing business, give us a call on 0161 786 3160.<\/p>\n","protected":false},"excerpt":{"rendered":"According to figures from Advisen Ltd, manufacturers paid $36.9 million in premiums for cyber insurance in 2016. Those figures are up a staggering 89% from 2015. But why all of a sudden are manufacturers rushing to their insurance brokers to take out cyber policies? With cyber-attacks on big businesses never far from the headlines, it… <\/a>","protected":false},"author":4,"featured_media":1964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[71,70,72,49],"class_list":["post-1962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-cyber-crime","tag-cyber-insurance","tag-cyber-liabilty","tag-manufacturing"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.networkportfolio.co.uk\/mcmgroup.co.uk\/wp-json\/wp\/v2\/posts\/1962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.networkportfolio.co.uk\/mcmgroup.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.networkportfolio.co.uk\/mcmgroup.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/mcmgroup.co.uk\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/mcmgroup.co.uk\/wp-json\/wp\/v2\/comments?post=1962"}],"version-history":[{"count":3,"href":"https:\/\/www.networkportfolio.co.uk\/mcmgroup.co.uk\/wp-json\/wp\/v2\/posts\/1962\/revisions"}],"predecessor-version":[{"id":2004,"href":"https:\/\/www.networkportfolio.co.uk\/mcmgroup.co.uk\/wp-json\/wp\/v2\/posts\/1962\/revisions\/2004"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/mcmgroup.co.uk\/wp-json\/wp\/v2\/media\/1964"}],"wp:attachment":[{"href":"https:\/\/www.networkportfolio.co.uk\/mcmgroup.co.uk\/wp-json\/wp\/v2\/media?parent=1962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/mcmgroup.co.uk\/wp-json\/wp\/v2\/categories?post=1962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.networkportfolio.co.uk\/mcmgroup.co.uk\/wp-json\/wp\/v2\/tags?post=1962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}