In late 2014, a steel manufacturing facility in Germany lost control of its blast furnace, causing massive damage to the plant. The catastrophe's trigger was traced not to employee error, but rather, a cyber attack.
Hackers had used a "spear phishing" campaign, sending targeted individuals at the company legitimate-looking e-mails that, when opened, pilfered logins and passwords that were used to break into the facility's furnace-control systems.
While facility damage resulting from a cyber attack is rare, the event was an eye-opener for manufacturers worldwide. "People think of cyber risk in terms of data privacy, not property damage and downtime," says Geoff Taylor, executive vice president for Willis Insurance Services of California, in San Francisco.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
