Thales’ 2021 Data Threat Report revealed that 45% of United States businesses have experienced a data breach. Organizations and cyber thieves race against each other, both trying to frustrate the other’s efforts. Keep reading to learn how manufacturers cyber liability insurance can protect your company against severe financial losses.
The Basics of Cyber Liability Insurance
Cyber liability coverage is exactly what it sounds like: insurance that protects against losses stemming from cyber attacks. Financial losses can result from data theft, denial of service attacks, cryptojacking, phishing, malware, and other cyber crimes. Covered expenses from such incidents can include:
- Forensic investigations
- Litigation costs
- Business interruption
- Crisis management
- Cyber security improvements
Cyber security insurance can also reimburse for public relations costs and reputation-related financial losses. Many policies also include payment of fines and other regulatory expenses.
Manufacturers and Cyber Liability Coverage
Cyber liability insurance is a vital part of risk management for any business, including manufacturers. However, the manufacturing industry lags behind its peers in terms of adopting coverage. Manufacturers have much to lose from cyber attacks: interrupted operations, property damage and even theft of intellectual property. These consequences and more can be minimized with a manufacturers cyber liability tailored to meet your business’s needs.