It's probably not something that's keeping you up at night, unless you're one of those Diet Coke addicts. And even then, maybe it's just the Diet Coke preventing you from getting some good shut-eye. But, apparently the threat is very real, and cyber insurers are taking it seriously.
Liberty International Underwriters (part of Liberty Mutual Insurance) is upping its game when it comes to protecting the food and beverage industry from cyber attacks. The insurer just launched a cyber extortion endorsement to its Product Recall and Contamination insurance policies. What does that mean? Essentially, the insurer is protecting its clients from any sort of cyber attack on its production lines. Specifically, Liberty International Underwriters is worried about ransomware.
"With operations being mostly automated now and an increasing reliance on technology, the food and beverage industry faces a very real risk of having its systems hijacked by cyber criminals and held for ransom," explained Jane McCarthy, Senior Vice President of Global Crisis Management.
The insurance company is filling a coverage gap with this offering, because cyber extortion is not always covered under a typical cyber or general liability policy. This endorsement covers policyholders for cyber extortion money and consultant costs up to the policy sub-limit for acts against production and day-to-day operations, according to a news release.
So, the risk many industries with automated production lines face is getting some protection. With the explosion in ransomware attacks everywhere, it might be time to consider some additional coverage. Extorting your business' productivity is just as bad as disabling your network. What are you doing to make sure you're protected?