“Oh yes – obviously I understand why an online company might need cyber insurance, be we are a manufacturing firm. We don’t need it.”
The sort of objection I hear all the time. However, this is sadly a false objection. Cyber attacks are the leading cause of loss for all types of industry, and here is what you need to be guarding against.
Protection of Intellectual Property:
Manufacturing firms often invest heavily in research and development to create innovative products and processes. Cybersecurity measures help safeguard intellectual property from theft or unauthorised access, preventing competitors or malicious actors from gaining access to valuable designs, formulas, or trade secrets.
Many manufacturing processes are automated and reliant on interconnected systems. Cybersecurity measures help prevent disruptions caused by cyberattacks, ensuring the continuous and reliable operation of manufacturing processes. Downtime due to cyber incidents can lead to significant financial losses.
Manufacturing involves the collection, storage, and analysis of large amounts of data, including production schedules, quality control data, and supply chain information. Cybersecurity helps maintain the integrity of this data, preventing unauthorised modifications, deletions, or tampering that could compromise the accuracy of decision-making processes.
Supply Chain Security:
Manufacturing firms are part of complex supply chains, and their operations depend on the timely and secure exchange of information with suppliers and distributors. Cybersecurity measures help protect against cyber threats that could disrupt the supply chain, ensuring the reliable flow of materials and goods.
Many manufacturing industries are subject to various regulations and standards that require the protection of sensitive information. Cybersecurity measures help ensure compliance with these regulations, avoiding legal consequences and potential damage to the company’s reputation.
Employee Training and Awareness:
Manufacturing firms need to educate their employees about cybersecurity best practices to prevent unintentional security breaches. Training programs help employees recognize and respond to potential threats, reducing the risk of phishing attacks, malware infections, or other forms of social engineering.
Financial and Brand Protection:
Cybersecurity breaches can lead to financial losses, damage a company’s reputation, and erode customer trust. By implementing robust cybersecurity measures, manufacturing firms can protect their financial interests and maintain the trust of customers and stakeholders.
These are just a handful of reasons to explore Cyber Insurance. The world is changing, make sure you change with it.