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Cyber Liability Insurance for Manufacturers

Manufacturers are innovating at a rapid pace today, embracing the Internet of Things (IoT), integrating cutting-edge technologies in products, connecting supply chains, automating the shop floor and investing increasingly in intellectual property. While many new opportunities abound as a result of this innovation, new risks also emerge including the amount of sensitive data stored and transacted between parties, which is susceptible to a cyber attack. This is why Cyber Liability insurance specifically designed for manufacturers is a critical component of our ManufacSurance® program. 

Consider the Cyber Exposures You Face

Today’s manufacturers face a range of cyber exposures as result of their increased digital footprint. Following are some examples:

  • A systems glitch, denial of service attack, or other network intrusion results in significant business interruption.
  • A cyber attack directed at a manufacturer’s industrial control system causes business interruption and physical damage.
  • A data breach compromises employee and other personnel records, corporate credit cards, health benefits and third-party corporate business information.
  • A virus infiltrates IT systems, encrypting data files that could only be unencrypted once a ransom was paid
  • A spear-phishing attack results in gaining control of a manufacturer’s ERP or industrial control systems which results in scheduling and workflow conflicts and missed contract deadlines.

How Cyber Insurance Responds

Cyber insurance with ManufacSurance® can be designed to provide coverage for first-party losses, which includes costs the company incurs directly as a result of a covered event. Available first-party coverages include remediation of a cyber incident, regulatory fines and penalties (including associated defense costs), PCI fines and penalties, and business interruption caused by a covered cyber event. The policy also can provide coverage for third-party liability costs, including defense and payment of claims against a manufacturer as a result of a covered event.  Claims range from breach of privacy to misuse of personal data, defamation, or transmission of malicious content related to a covered cyber event.   

Tailored Protection for the Road Ahead

PMIS developed ManufacSurance® to help you address the range of risks you face. As your business evolves and deals with an increasingly changing global business environment, our insurance program will provide you with the security you need to thrive and grow. For more information about our exclusive program, please contact us at 855.910.5788.