24 April 2018Insurance

Almost 50% of manufacturers victim of cyber attack

Nearly half of manufacturers have been the victim of cyber-crime, and a quarter has suffered some financial loss or disruption to business as a result, according to a new report.

The manufacturing sector is the third most targeted for attack, with only government systems and finance more vulnerable, according to the report named Cyber-Security for Manufacturing, published by the manufacturers’ organisation EEF and AIG.

Manufacturing is amongst the least protected sector against cyber-crime in Britain, according to a statement.

The new report pinpointed the susceptibility of manufacturers to cyber risk, revealing that 41 per cent of companies do not believe they have access to enough information to even assess their true cyber risk. Furthermore, 45 per cent do not feel that they have access to the right tools for the job.

Around 12 per cent of manufacturers admit they have no technical or managerial processes in place to even start assessing the real risk.

One of the easiest forms of cyber-attack comes through poorly protected office systems, often the first implemented historically within manufacturing businesses, the statement says.

“For many manufacturers, cyber risk is still not considered a principal risk on the risk register,” said Romaney O’Malley, head of UK Regions & head of industrials at AIG Europe.

“Nevertheless, the cyber threat landscape has evolved over the last year, with attacks becoming more sophisticated and more broadly disruptive. There is an increasing level of state- sponsored attacks between nation states, where companies infected by malware may just be collateral damage. The potential threat from cyber-crime is widespread.

“There is evidentially significant need for greater awareness and understanding of the importance of cyber risk management, not only to protect existing businesses, but to create more secure environments to grow and capitalise on the potential that digital technology advances bring to manufacturers,” O’Malley explained.

Join us at Intelligent Automation in Insurance - April 26th 2018, London:  Book now.

More of today's news

Insurance underwriting to boost Berkshire Q1 results

Catalina acquires Arch Re US P&C book

Maritime risk startup adds former BP CEO to board

Insurtech firm partners with digital insurer

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

24 April 2018   The most significant factor preventing companies to purchase cyber insurance is that firms do not understand their own risk exposures, according to a new study of the UK cyber risk insurance and broker community.