Cyber Risk Insurance Partners
Digital transformation means that industrial networks are becoming more connected and more productive - but also more exposed.
When an industrial company suffers a cyber or ransomware attack, there is a lot more at stake than data. Cyberattacks on industrial locations can cause property damage, injure people or interrupt operations. Research firm Gartner predicts that the financial impact of attacks on industrial systems resulting in fatal casualties will reach over
$50 billion by 2023. Even without adding the incalculable value of a human life into the equation, the costs for organizations in terms of compensation, litigation, insurance and reputational damage is enormous.
An attack on industrial networks typically coincides, or is preceded by, a breach of the IT or enterprise network. This means that regulatory fines concerning data privacy are another aspect to be considered. The General Data Protection Regulation (GDPR) that came into effect in 2018 introduced strict reporting obligations with regard to cyber incidents – which need to be reported within 72 hours. Cyber breaches today lead to significantly greater sanctions, including administrative fines of up to 4% of global revenue or €20 million.
OTORIO delivers a full suite of industrial breach mitigation and cyber breach insurance services. Our staff brings years of experience forged in elite military cyber forces. Serving some of the world’s leading manufacturers, OTORIO enables organizations to defend against and quickly recover from cyberattacks – safeguarding reliable, resilient and efficient production with secured cyber breach protection services.
IT cybersecurity experts are crucial for any business. Yet IT cybersecurity specializes in securing bits and bytes alone, whereas OT cybersecurity is experienced in securing both data and physical systems.
It’s a unique specialization, especially because OT components often communicate via industry-exclusive protocols, that are not even visible to IT networks.
Given OT cybersecurity’s focus on physical systems, OT teams are trained to prioritize safety first – as opposed to IT, who tend to first focus on confidentiality over other considerations. OT cybersecurity experts are experienced in dealing with physical systems that require stable values and meticulous control. After all, when things go awry in an OT network, direct physical harm and production stoppage are the main concerns.