Cybersecurity issues: risks and liabilities

Stroz Friedberg is a specialized risk management firm built to help clients solve the complex challenges prevalent in today’s digital, connected, and regulated business world

In many ways, cybersecurity is like the weather: everyone talks about it, but no one is doing anything about it. That has to change, suggested Chad Pinson of insurance giant Aon’s cyber solutions practice. In a recent report, Aon officials suggested that as cyberattacks increase, there will be increased attention—and increased liabilities. Pinson discusses some of those issue with Plant Engineering.

Plant Engineering (PE): What do you see as the cybersecurity vulnerabilities in the manufacturing sector? Are there any particular segment in that sector that might be more vulnerable?

Pinson: Many manufacturing companies still view the impact of cyber risk as a concern mainly for consumer-oriented companies in sectors that traditionally handle large volumes of sensitive data. However, the cyber risks to manufacturing organizations extend far beyond the risks of a data breach—to operational and business disruption, negative impact on goodwill, public, and employee safety, theft of trade secrets, exposure of embarrassing, confidential, or material non-public information, and financial theft.

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