AIG has urged the re/insurance industry to improve its cyber defence investment following a report that revealed nearly half of UK manufacturers have been the victim of cyber-crime, and that a quarter have suffered related financial loss or business disruption.
The report, which was published by AIG and EEF, the manufacturer’s organisation, found that the manufacturing sector is the third most targeted for cyber-attack, and is one of the least protected sectors against cyber-crime in the UK.
AIG surveyed UK manufacturers, finding that 41% of companies did not believe they had access to enough information to assess their cyber risk, while 45% did not feel they had the right tools for the job.
12% of manufacturers also admitted they have no technical or managerial processes in place for assessing cyber risk.
The threat of cyber-attack is also preventing companies from investing in digital technologies, as over a third of respondents reported they were nervous about digital improvement.
In reality, it is usually outdated or poorly protected office systems which make the manufacturing sector vulnerable to cyber-attack, as production systems are often infiltrated through…
