One of the victims of the recent ‘NotPetya’ malware attacks was Reckitt Benckiser, the manufacturer of, among other things, Durex and Nurofen.
The company’s loss from the attack is estimated at £100m. It is interesting to note that a large proportion of these losses comes from the disruption of production and the delivery of goods to customers.
This is another reminder, were it needed, of the scope of cyber exposure in today’s interlinked commercial environment. Cyber risk is no longer just a matter of data loss, it can have a very real and damaging impact on supply chains and production.
These exposures need to be taken into account by insurers in drafting their policy wordings and by insureds in assessing their insurance needs and the extent of their cover. Everyone should be taking precautions.