Insurance giant Zurich announced that the Australian transport and automotive industries could be at risk due to the growth of increasingly connected infrastructure.
This information came from a new cyber risk report entitled ‘Beyond Data Breaches: Global Interconnections of Cyber Risk’.
This is being seen across a number of areas, according to the company, such as dispatch, consignment of goods and recording working hours. All of this information is being uploaded, documented and monitored in real time with new technologies.
According to Zurich, telematics is also playing a part in risk growth – being an umbrella term for a number of technologies found in vehicles.
Technologies have been growing in the automotive and transport sector for some time, with telematics being the clearest example. Now, GPS navigation technologies, integrated communications and internet access are becoming increasingly common.
“Losing vital data for truck and goods movements, driver hours and engine diagnostics has the potential to cause anything from minor disruptions to major incidents and can create significant reputational concerns with the customers of haulage companies,” said Senior Risk Engineer Mervyn Rea in a May 23 media release.
He went on to explain the growth of real-time track and trace delivery technologies, how this impacted security.
“If a business was to lose that data through a cyber-attack the fall out could affect future business and be damaging to the brand and reputation of the transportation part of the delivery cycle,” says Mr Rea.
As such, putting the right covers in place will become increasingly important over the next few years as technology use grows in the sector.
MGA Insurance brokers can source insurance policies that cover your cyber crime risks, as part of a comprehensive business insurance programme. If you’d like help finding the right policy, contact MGA today.