Canadian Underwriter

Manufacturing Protection

July 6, 2017   by Jimaan Sane, Cyber Underwriter, Beazley; and Rhea Turchinetz, Cyber Underwriter, Beazley Canada

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The onward march of cyber risk gives Canadian businesses – including manufacturers – much to be concerned about. But they should find some comfort in the way in which insurers are confronting the problem.

The first reaction of most business people to a new risk is a very human one: it will not happen to them. Then, as the evidence proliferates that it may well happen to them, forward-looking executives will search for ways to protect their companies. Over time, the initial camp grows smaller and smaller and, eventually, disappears.

With regard to cyber risk, large service businesses such as retailers, financial institutions and healthcare providers – organizations that hold significant volumes of personally identifiable customer information – are a long way through this journey. A dwindling band of naysayers has successfully ignored a succession of massive data breaches, starting in the United States with Target, Home Depot, Anthem and J.P. Morgan, and more recently including Ashley Madison and Bell Canada in Canada.

Read the full article in the Digital Edition of the June 2017 Canadian Underwriter.

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