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This article provides a comprehensive guide to approaching cybersecurity insurance for manufacturers, new changes for passing audits, key obstacles to expect, the role IT/OT assessments can play, and key benchmarks for coverage eligibility in the context of Industry 4.0. The Shifting Landscape of Cybersecurity Insurance Every organization, from global corporations to small businesses, faces the omnipresent threat of cyberattacks. In today’s complex technological landscape, cybersecurity has become paramount, gaining mainstream attention with high-profile cyberattacks on companies like MGM and Clorox. In an age of automation, where companies face threats they can neither see nor touch, cybersecurity and the risks associated with an unsecure automation system are myriad – and potentially catastrophic. What used to be a niche concern handled by boutique insurers, cybersecurity has now become a focal point for major players in the insurance industry, so it’s crucial for businesses to understand the nuances of cybersecurity insurance. In this article, we’ll explore how things are changing in the space and the challenges companies may encounter on their path towards obtaining cybersecurity insurance. Automation Makes Policy Parameters Difficult to Define The historical context of cybersecurity insurance, specifically as it relates to manufacturing and engineering, reveals a growing divide between information technology (IT) and operational technology (OT) in industrial settings. This rift, which began about 25 years ago, has left many organizations struggling to bridge the gap. The collaboration between corporate IT and Operations has become fragmented, often exacerbated by a lack of IT expertise within the industry. Another complexity of cybersecurity insurance is defining the parameters of coverage in quantitative terms – what would a cyberattack cost? That depends on the control system, the equipment and the process automation affected, among a host of additional variables. Cybersecurity experts like E Tech Group play a pivotal role in facilitating a more … Continued