Total global loss attributable to cybercrime in 2024 has climbed to an estimated $9.5 trillion – an increase of over 300% since 2015. If this trend continues, 2025 is expected to be a year of many challenges for manufacturers whose industry is frequently cited as a top target for cybercriminals. Therefore, it’s increasingly important for manufacturers to better understand their unique exposures, protect against industry-class-specific risks, and, ultimately, ensure their insurance policies provide adequate coverage.
There are a multitude of manufacturing-specific headlines that speak to the publicly known financial impacts of a cyber breach event. What follows are some of the top considerations manufacturers should be aware of going into 2025.
A persistent concern: Ransomware
Ransomware is a commonly used attack vector in which malware and encryption technologies are used together to render data or entire systems unusable until either systems are restored from backups or a ransom is paid. Unsurprisingly, the total amount paid to ransomware groups globally has skyrocketed from $567 million in 2022 to $1.1 billion in 2023. Cybercriminals who perpetrate…
