Hackers Are Shutting Down Factories

A growing number of cyber criminals are targeting factories for ransom, knowing that the industry’s time-sensitive nature puts pressure on companies to pay up. “if we don’t make our product in time, that means Toyota doesn’t make their product in time, which means they don’t have a car to sell on the lot that next day. It’s that tight,” says John Peterson, AW North Carolina’s IT manager. The factory was hit with malware last year, with the potential to lose $270,000 in revenue, plus employee wages, for every hour it was out of commission.

Source: LinkedIn

Manufacturers: do you carry Cyber Liability / Data Breach insurance? Cyber extortion coverage protects your business against losses caused by ransomware and other types of cyber extortion. Many cyber liability policies cover three types of costs.

-JK

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About Jim Kinmartin - Business Insurance & Risk Management Broker

Jim is a California licensed Property & Casualty AND Accident & Health insurance agent working at the ISU - Olson Duncan Insurance brokerage in Torrance, CA. He grew up in Fullerton, CA and graduated from Servite High School in Anaheim and Loyola Marymount University in Los Angeles and currently lives in Long Beach, CA. Have questions? Just ask! Or, follow Jim on Twitter at @JimKinmartin

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