cyber insurance for manufacturers
Manufacturers require cyber insurance to protect both their physical inventory and their intellectual property. Hackers target American manufacturers in hopes of stealing trade secrets, ripping off technology and parent information, and wreaking havoc on information databases and networks to thwart business. Chances are your business would be paralyzed if it was shut down due to a denial of service (DOS) attack- this is one example of the various ways foreign hackers target manufacturers. The Chinese seek any and all information that could give them an economic advantage over US companies. The theft of trade secrets gives them an insider’s view of pricing and trade terms in order to undercut competition. Theft of intellectual property and technology allows them to bypass the research and development process completely. State-sponsored corporate espionage on behalf of the Chinese government should make every manufacturer worried: chances are they’ve already been targeted. A 2013 Verizon report revealed that 95% of state sponsored attacks were aimed that stealing trade secrets, and the majority of these targeted companies were considered small (10 employees or less) to midsize manufacturers.