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Why Cyber Insurance is Crucial for Manufacturing Plants
Manufacturing plants face unique challenges when it comes to cybersecurity. The integration of Industrial Internet of Things (IIoT) devices and the increasing connectivity of operational technology (OT) systems expose these facilities to a wider range of cyber threats. A successful cyberattack can halt production lines, damage equipment, and compromise sensitive data, resulting in substantial financial and reputational damage.
According to a recent study, the average cost of a data breach in the manufacturing sector is approximately $4.24 million1. This underscores the importance of having a robust cyber insurance policy in place to cover potential losses and ensure a swift recovery.