Arthur J Gallagher launches cyber solution for manufacturers led by Brit
Insurance brokerage and risk management firm Arthur J Gallagher has launched a cyber solution for manufacturers backed by Lloyd’s capacity and led by Brit Insurance.
Gallagher claims to have developed a manufacturer-led custom wording to ensure cover matches key exposures and close market coverage gaps. The solution safeguards against fast-growing cyber threat to operating systems and supply chain.
The cyber policy indemnifies against property damage and bodily injury exposures resulting from a control system interruption. The policy also offers bespoke cover for increased cost of working, contractual penalties and contingent direct supplier interruption due to a cyber-attack.
Tom Draper, technology and 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 the growing threat, exclusions on general liability and property policies for cyber are leaving manufacturers exposed to some of their most prevalent risks, Draper explained. "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."
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