A recent AIG survey revealed that 40% of UK manufacturers are planning for growth in their industry in 2018. This despite Brexit and increased US protectionism.
However, there are some key risk management concerns with 62% of the sector noting their cyberattacks worries, with the primary focus being business interruption.
Simon Gallimore, manufacturing industry UK lead for AIG, thought that the emphasis on cyber was particularly noteworthy.
“It is interesting to see that cyber security is front of mind for executive leaders,” he said. “A cyberattack can swiftly interrupt the supply chain, potentially causing severe disruption to manufacturers.
As technology and data start to play increasingly critical roles in the industry, companies will inevitably find themselves more vulnerable to cyber breaches.
“Manufacturing is key to the UK’s performance on the world stage, and plays important part in improving the health of the economy. Robust cyber security measures and thorough employee training on cyber security are vital to help protect against the increasing threat of attacks.”
Its important to note that cyber business interruption cover should cover the payment for loss of business income, as a result of the total or partial interruption, degradation in service, or failure of information and communication assets following a failure by the insured or a service provider to protect against unauthorised access to, unauthorised use of, a denial of service attack against, or transmission of a computer virus to, information and communication assets.