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The assurance of cybersecurity insurance

It’s not enough to secure the borders of your business—because the hackers are getting in. Now, every manufacturer needs a response plan to a security breach.

Every manufacturer needs a response plan to a security breach.
Every manufacturer needs a response plan to a security breach.

When manufacturers think about cybersecurity, they automatically think about firewalls, antivirus software and ways to detect network anomalies. They turn to the IT department and the control engineers to make sure mission critical systems are protected from bad actors trying to vitiate operations in order to steal IP, or perhaps cause harm.

But there’s a glaring omission in this security model. Beyond the technology used to protect the borders of the business or the confines of the control network, there needs to be an element that deals with the “transfer of risk.” It’s about protecting the corporate reputation, and it requires cybersecurity insurance.

I know what you’re saying: “Why should we buy extra insurance? There’s no way we’ll be hacked because we have a bullet-proof border.”

And, I say, “No, you don’t.” Automation World, has reported on plenty of the high-profile ransomware and cyber incidents like WannaCry and Triton. But there are many other mishaps happening all around us. Many manufacturers just don’t know they’ve been hacked—or they just don’t report it.

“Depending on the nature of an incident, reporting requirements for manufacturers vary, but can be far less stringent than some other industries,” said Brendan Rooney, director at The Crypsis Group, a digital forensics and incident response firm. The group has handled just under 500 incidents that required forensics in the past year, but you probably didn’t hear about them. “There are a lot of reasons you don’t see mid-market manufacturers popping up in the news or admitting to a compromise. Mostly, because they would incur a significant level of reputational harm.”
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