The issue of cybersecurity has been lurking in the minds of manufacturing companies for a long time now. However, it moved front and center on June 9, 2020 when Honda Motor Co. announced it had to temporarily shut down operations due to a ransomware attack at its headquarters.
With this renewed focus on security, the National Association of Manufacturers announced on June 30 the launch of NAM Cyber Cover, a cybersecurity and risk mitigation program. The program, which was developed in partnership with AHT Insurance and Coalition, offers full support for responding to and recovering from potential risks and cyberattacks.
“Modern manufacturers are deploying advanced technologies that are transforming what we make and how we make it,” said NAM CEO Jay Timmons." This rapid digitization and the workplace disruptions created by the COVID-19 pandemic have created new and unprecedented risks. Our partnership with AHT and Coalition will help protect our industry from cyberattacks and ensure we can continue to lead our economic recovery and renewal.”
The cybersecurity threats have been growing. A recent IW article on the topic pointed out that “ the number and diversity of connected devices in virtually every industry vertical has presented new challenges for all organizations and indirectly made every business leader a cybersecurity stakeholder. “
Add to this the fact that nearly two-thirds of manufacturers currently have no cyber insurance, according to the Wall Street Journal, NAM felt now was the time to address this threat and so created Cyber Cover.
“Manufacturers are more reliant on technology than ever before and more in need of a solution to survive catastrophic security failures and data breaches,” said Coalition Founder and CEO Joshua Motta.