Ransomware Attack Seen Prompting More Manufacturing Cyber Insurance Buys
Last week’s ransomware attack on Norway’s Norsk Hydro ASA, one of the world’s largest aluminum producers, is likely to generate increased interest by manufacturers in obtaining cyber insurance:
Norsk Hydro said Monday one of its major divisions was back up to 60% of capacity after the ransomware attack, according to Reuters.
The question is whether the company purchased enough coverage, because some organizations, especially those outside the United States, “may not necessarily purchase robust cyber insurance limits,” said Stephanie Snyder, Chicago-based senior vice president and national sales leader for cyber insurance with Aon PLC.
She pointed to NotPetya, which took down thousands of computers in dozens of countries, disrupting shipping and businesses, as a situation that demonstrated the damage such an attack can cause.
The Norsk Hydro attack is likely to generate increased interest in cyber insurance by the manufacturing sector, experts say.