The complexities within supply chains has increased the likelihood of a cyber attack and prime entities need to evaluate their direct and indirect cyber exposures within their supply chain as seriously as any other facet of their business. Increased connections create vulnerabilities where attackers can use suppliers as points of entry into prime entities networks and devastate their brand, reputation and customer loyalty.
The first step toward managing cyber risk within a supply chain is to properly identify the suppliers (direct and indirect) to prime entities that make up the supply chain and understand who exactly is handling the exchange of information.
Many prime entities are requiring that their suppliers obtain cyber liability coverage similar to other mandated insurance coverages. A major concern is that there is no standardization of cyber insurance coverage forms among the various insurance providers in the marketplace.
NorthPoint Data Security Risk Purchasing Group (RPG) offers an efficient solution to address the cyber liability challenges within supply chains. By providing an effective platform, small to medium size businesses can obtain consistent coverage terms and conditions to assist with unforeseen risk associated with a cyber breach.
It is through our risk purchasing group and automated systems we can facilitate immediate access to pricing, certificates of insurance and e-delivery to all concerned parties.