Ensconce designed to protect manufacturers from physical damage.

Endeavour Insurance Services has launched a new cyber security coverage programme, Ensconce, claiming it filled a gap in the market to cover manufacturers from the risk of physical damage caused by cyber attacks.

According to the Lloyd’s broker, in a world of increasing manufacturing automation, the internet of things (IoT) is putting more hardware – from laptops and mobile phones to production lines and boilers – at risk.

It listed that the product provides coverage in standard cyber areas such as third party liability, first party liability, data breach clean up, and social engineering loss.

Malicious
The firm added that Ensconce also covers instances of remote access to a client’s production line, any property damage to a facility, system failure and business interruption due to malicious cyber attack.

Furthermore the policy can tackle reputational harm, fines and penalties resulting from a cyber attack, as well as IP theft and extortion.

Endeavour detailed that the product is primarily targeted at mid-market manufacturing, real estate, hospital, hotel, infrastructure and municipal clients that have cyber exclusions on their property insurance.

The coverage was developed for companies in the USA and Canada but is available worldwide with a minimum risk premium of $15,000.

Targeted attacks
Endeavour Insurance Services divisional director David Price said: “Cyber security breaches are already costing manufacturing companies millions of dollars, causing loss of productivity and IP, resulting in ransomware payments and fines as well as potential physical damage to a facility.

“Manufacturers and infrastructure companies are facing highly targeted attacks on an almost daily basis.”

For all the latest industry news direct to your inbox, sign up for our daily newsletter.