More Manufacturers Buy Cyber Policies
Manufacturers paid $36.9 million in premiums for cyber-specific policies in 2016, according to Advisen Ltd., an insurance consulting firm, based on its sample of over 9,000 mostly U.S. companies.
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That is up 89 percent from the year before. Manufacturers accounted for 12.6 percent of the premiums tracked in 2016 compared with 9 percent the year before.
“There’s certainly an increased exposure in the industry overall, especially with more reliance on cloud providers, greater sophistication of hackers globally and increased consumer interactions through social media,” said Daniel Steiner, enterprise risk manager at Kimberly-Clark Corp.
The need is also greater among manufacturers as their plants become increasingly automated and digitally integrated. Source: Wall Street Journal