Coalition, a cyber insurance company for small and midsize businesses, has launched a full-spectrum coverage to insure manufacturers against security failures and data breaches.
The Coalition policy encompasses the physical, technological, and financial damages – including bodily harm, property damage and pollution – that manufacturers may experience as the result of a cyber incident or technology failure.
According to a recent report from the U.S. Department of Homeland Security, manufacturing is the second-most targeted industry for cyber attacks, based on the number of reported attacks. Manufacturers are prime targets because many are unaware of exposures across their infrastructure and lack the security measures to protect themselves from an attack.
As a result, manufacturers are often choice targets for cyber criminals. According to Verizon’s 2018 Data Breach Investigations Report, 86 percent of cyber attacks against manufacturers are highly targeted in nature, whereas the majority of attacks in other industries are opportunistic. Manufacturing is also unique for its exposure to physical damages that can result from an attack.
According to Joshua Motta, CEO…
