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Gallagher launches bespoke manufacturer cyber cover
Written by staff reporter
Arthur J. Gallagher has developed a bespoke policy aimed at transferring cyber risks
specific to the manufacturing industry.
Backed by A-rated Lloyd’s capacity and led by Brit, Gallagher has developed a custom wording in conjunction with manufacturing trade bodies and global Fortune 500 companies to ensure cover most closely matches current and emerging exposures.
Gallagher’s Manufacturers’ Cyber Policy indemnifies against property damage and bodily injury exposures resulting from a control system interruption. The policy also offers bespoke cover for increased cost of working, contractual penalties and contingent direct supplier interruption due to a cyber attack.
Technology and cyber practice leader at Arthur J. Gallagher, Tom Draper, said: “The connected world has been embraced by manufacturers to deliver significant efficiencies and advances. But with that connectivity comes new threats, such as the convergence of industrial control systems with hackable enterprise systems which poses a potentially catastrophic risk. On top of that, manufacturing is now one of the most frequently hacked industries, second only to healthcare -- largely due to the volumes of intellectual property held by manufacturers or through corporate espionage.”