NAM Launches Cyber and Technology Insurance for Members
Nearly two-thirds of manufacturers have no cyber insurance or plans to invest in improved cybersecurity measures or data protection efforts, according to the Wall Street Journal. Recognizing the threat cyber vulnerabilities pose to its members, the National Association of Manufacturers (NAM) recently launched NAM Cyber Cover, an exclusive cybersecurity and risk mitigation program.
NAM President and CEO Jay Timmons said rapid digitization and workplace disruptions created by the COVID-19 pandemic have created new and unprecedented risks for its members. NAM Cyber Cover offers full support for responding to and recovering from potential risks and cyberattacks, which differentiates it from traditional, standalone insurance.
The association partnered with AHT Insurance and Coalition, which specializes in underwriting cyber and technology insurance, to develop NAM Cyber Cover. “The inimitable exposure manufacturers face, coupled with an unrelenting target on the industry, necessitates a pivot in how cyber programs are structured,” said AHT President and CEO David Schaefer. “We look forward to helping NAM members make that pivot to manage risks up front and protect themselves against cyberattacks.”