Manufacturing industry experiences second-highest number of cyber attacks, but companies are not adequately prepared to prevent and protect against damages
SAN FRANCISCO, CA – (March 19, 2019) — Coalition, the leading cyber insurance company for small and midsize businesses, announced today its full-spectrum coverage to protect manufacturers from security failures and data breaches. Coalition is the first to offer a policy that fully encompasses the physical, technological, and financial damages – including bodily harm, property damage and pollution – that manufacturers may experience as the result of a cyber incident or technology failure.
Now, more than ever, manufacturing firms need protection to help them recover after a cyber incident. According to a recent report from the U.S. Department of Homeland Security, manufacturing is the second-most targeted industry for cyber attacks, based on the number of reported attacks. Manufacturers are prime targets because many are unaware of exposures across their infrastructure and lack the security measures to protect themselves from an attack.
As a result, manufacturers are often choice targets for cyber criminals. According to Verizon’s 2018 Data Breach Investigations Report, 86 percent of cyber attacks against manufacturers are highly targeted in nature, whereas the majority of attacks in other industries are opportunistic. Manufacturing is also unique for its exposure to physical damages that can result from an attack.
“There is currently a significant gap in cyber insurance coverage for manufacturing firms who experience property damage, bodily harm, and pollution resulting from a security failure or breach,” says Joshua Motta, CEO and co-founder of Coalition. “This is a major exposure, especially for these companies that have industrial control systems (ICS) that control physical processes. Coalition’s policy for manufacturers is the first of its kind in the industry to address this gap while also providing coverage for the losses most frequently experienced resulting from external data breaches.”
Coalition’s offering provides coverage for manufacturing firms in the following areas:
Property damage, bodily harm, and pollution resulting from a security failure
Supply chain interruption from cyber attacks against the insured or their suppliers
Invoice manipulation that results in payments being misdirected or fraudulently directed
Technology disruption that affects operational and industrial controls, hardware, and/or software
Wire fraud losses from payment or delivery of money or securities
Costs to replace computer systems, including industrial control systems, damaged in a cyber attack
Coalition’s coverage policy for manufacturing companies is available immediately. For more information, visit www.coalitioninc.com.
Coalition, the cyber risk solution from Joshua Motta and John Hering, combines comprehensive insurance and free cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by A+/A rated insurers Swiss Re Corporate Solutions and Argo Group, Coalition provides companies with up to $10M of cyber and technology insurance coverage in all 50 states and the District of Columbia. Coalition's cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and tools to help businesses remain resilient in the face of cyber attacks. Coalition is headquartered in San Francisco. For more information about Coalition, visit www.coalitioninc.com or follow us on Twitter @SolveCyberRisk.