New product aimed at closing market coverage gaps, brokerage firm says
Arthur J. Gallagher has launched a bespoke cyber solution aimed at the manufacturing industry.
Backed by Lloyd’s capacity and led by Brit Insurance, 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.
The broker said it has worked with manufacturing trade bodies and global Fortune 500 companies to ensure cover “most closely matches the emerging exposures faced by manufacturers today”.
Tom Draper, technology and cyber practice leader for Arthur J. Gallagher, 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.”
Despite this growing threat, exclusions on general liability and property policies for cyber are leaving manufacturers exposed to some of their most prevalent risks, Draper explained. “So we tackled this vulnerability head on, designing a global policy to bridge these gaps while also offering loss mitigation services through independent security consultants to provide end-to-end risk protection.”