Specialist insurer Beazley and broker Marsh have teamed up to launch a new cyber insurance cover and breach response, designed specifically for manufacturers.
The new offering, Manufacturer’s First Response - a Marsh and Beazley Breach Response (BBR) initiative, intends to protect US manufacturers of all sizes against evolving cyber and operational risks that can cause significant economic losses.
It will offer tailored coverage to manufacturers in an event of supply chain interruptions from cyber-attacks; invoice manipulation resulting in payments being misdirected or fraudulently directed; technology disruption affecting operational and industrial controls, hardware and/or software; and e-crime losses from payment or delivery of money or securities as a result of fraud.
Users will also be able to benefit from risk management services provided by BBR Services, which helps clients to respond to an actual or suspected cyber breach.
Kristen Dauphinais, head of US middle market cyber and technology 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, added: “Manufacturing is among the fastest growing segments purchasing cyber insurance today with a growing number of manufactures acknowledging that cyber risk is an operational risk that needs to be managed.”
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Beazley, Marsh, Cyber, insurance, North America, Manufacturers, Breach response, Cyber risk, Risk management