4 Questions Agents Should Be Asking Manufacturers About Cyber Risk
White Paper Summary
Thanks to continual advancements in technology, the line between the physical and digital world continues to blur, eroding traditional definitions of cyber risk. Originally, a company’s cyber exposure could be determined by its possession of PII.
But reliance on technology in all areas of business has greatly expanded the concept of cyber risk and made it more difficult for companies to accurately identity, quantify and mitigate their exposures.
Manufacturers, for example, hold very little PII. They do, however, depend on complex industrial control technology. If this technology gets hacked, the consequences could include anything from product defects and supply chain disruption, to forced shutdowns that may result in business interruption losses suffered by themselves and their customers.
Given that cyber insurance is still evolving, businesses may have a hard time determining if they are protected from breaches that cause physical damage or other types of loss unrelated to PII. Agents and carriers have a critical role to play in building an understanding of traditional and emerging cyber exposure and addressing coverage gaps.
To learn more about The Hanover Insurance Group , please visit their website.