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Smart Cyber: Made for Manufacturers

Corvus is partnering with manufacturers to combat cyber risk.

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Endorsement Information

Industry-Specific Coverage and Appetite

Claim Scenario

Desired Sub-Classes

In 2022, manufacturing was the most targeted sector for ransomware attacks. The frequency of ransomware attacks on the manufacturing industry increased 1177% between Q1 2021 and Q1 2023.

[DIAGRAM] The bright side of the cyber threat landscape

The bright side

Despite the current threat landscape, we’re offering broad policy language, competitive terms, and endorsements made with manufacturers in mind.

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Endorsement

Made for Manufacturing

Coverage is extended to specific types of computer systems and software commonly used in the manufacturing industry: MES, CMMS, SCADA, WMS.

[DIAGRAM] Cyber insurance coverage made for Manufacturing

Coverage

Industry-Specific Coverage

[ICON] Contingent BI Coverage: Including Material and Part Suppliers

Contingent BI Coverage: Including Material & Part Suppliers

 

Coverage extends to losses from stalled raw materials if physical suppliers encounter a cyber incident, as well as traditional contingent BI coverage.

[ICON] Invoice Manipulation (Including Tangible Property)

Invoice Manipulation (Including Tangible Property)

 

We’ll cover the value of any products wrongfully shipped due to invoices manipulated through social engineering.

 

[ICON] Alternative Production Run Costs

Alternative Production Run Costs

 

To avoid contractual penalties and unhappy clients, we cover the expense of contractors to get the work done while you’re offline.

 

 

[ICON] Utility Fraud

Utility Fraud

 

Coverage for utility overages incurred as the result of unauthorized and illegal use of an organization’s various utility services or resources such as electricity, water, natural gas, internet access, telecom, etc.

 

Appetite

Limits up to $10M
Primary risks earning up to $5B in gross annual revenue
Excess risks earning up to $5B in gross annual revenue

Claim Scenario

Air Filter Manufacturer

[DIAGRAM] Ransomware shuts down operations for air filter manufacturer

[ICON] Step #1

Ransomware shuts down operations

A threat actor brute-forced administrator credentials and launched a ransomware attack against an air filter manufacturer, encrypting several workstations and servers including the company's ERP system.

[DIAGRAM] Ransomware shuts down operations for air filter manufacturer

[ICON] Step #2

[DIAGRAM] Ransom demanded by attacker

[DIAGRAM] Ransom demanded by attacker

Ransom demanded

With ransomware deployed, the threat actor demanded a significant ransom in exchange for a decryption tool that would allow the business to resume operation.

[ICON] Step #3

[DIAGRAM] Cyber forensics finds that system backups are intact

Cyber forensics finds that system backups are intact

The Corvus team determined that a ransom payment might be avoided, and connected the manufacturer with experts in digital forensics and data restoration.

[DIAGRAM] Cyber forensics finds that system backups are intact

[ICON] Step #4

[DIAGRAM] The air filter manufacture's systems were restored and no ransom was paid

[DIAGRAM] The air filter manufacture's systems were restored and no ransom was paid

Systems restored, no ransom paid

No ransom was paid, and the business interruption agreement in the Corvus Cyber policy responded to the revenue lost due to downtime.

Desired Sub-Classes

  • Food Manufacturing
  • Textile Mills / Apparel Manufacturing
  • Leather and Allied Product Manufacturing
  • Wood Product Manufacturing
  • Petroleum and Coal Products Manufacturing
  • Chemical Manufacturing
  • Plastics and Rubber Products Manufacturing
  • Primary Metal Manufacturing / Fabricated Metal Product Manufacturing
  • Machinery Manufacturing
  • Computer, Electronic Product, Equipment, & Component Manufacturing
  • Transportation Equipment Manufacturing
  • Furniture and Related Product Manufacturing

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*Eligibility for such program is determined when you apply for coverage. Policy quotes, terms and conditions, and premiums are made in accordance with Corvus Insurance’s underwriting guidelines. The policy, not general descriptions or material within this information, will form the contract between the insured and our insurance carrier partners. Coverage may not be available in all jurisdictions.

*Manufacturing industry statistics from: https://www.ibm.com/reports/threat-intelligence