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Why Manufacturers Need Cyber Liability Insurance
The manufacturing sector has seen a significant increase in cyberattacks, with reports indicating that it is now one of the most targeted industries1. The financial impact of a cyber incident can be devastating, with the average cost of a data breach in 2023 estimated at $4.45 million2. For manufacturers, the stakes are even higher as disruptions can lead to production downtime, lost revenue, and damaged reputation.
Cyber liability insurance provides a safety net that can help manufacturers recover quickly from an attack. It covers costs associated with data restoration, crisis management, and even extortion payments, allowing businesses to focus on restoring operations without the added financial strain.