New technologies are being incorporated into almost all aspects of business, and companies are heavily relying on its continuous functionality for everyday operations. No matter what the industry, a byproduct of this Digital Transformation is cyber risk. As more companies turn to digital automation, often times they overlook the fact that they are also opening up their processes to new cyber risks and vulnerabilities.
Here is one example of how a manufacturing company is run on digital technology:
- The production line is fully automated.
- How much product to produce
- What are the peak production times (hours/days)
- How many orders they need to process, when shipments are made
- Just one hour of down time on their production line would cost the business a large amount of money
- All employees have key cards to enter and leave the premises. Their sales people communicate via their network connections.
This example shows that cyber risk goes farther than just protecting personal information. It’s crucial to keep in mind that any device that can send or receive information via the internet provides an entrance for hackers to breach data, lockdown systems, and disrupt operations, costing you time, money, and security.
In order to keep all aspects of your company safe, it is better to be proactive than reactive when choosing cyber security and cyber insurance. Contact a Knowledgebroker for a free analysis of your cyber insurance policy so you can be better prepared if an attack were to happen.