Energy sector concerned over cyberattack disruption

Three-quarters of energy executives concerned over potential business interruption

Tags: Marsh Inc.
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Energy sector concerned over cyberattack disruption Executives in the energy sector are increasing risk management and insurance for cyberattack.
By  Mark Sutton Published  March 6, 2018

Three-quarters of executives in the energy sector are concerned about business interruption from cyber-attack.

According to a report from insurance broker Marsh and Microsoft, cyberattack is one of the top five concerns among energy executives.

Seventy-six percent said that business interruption from a cyberattack was the most concerning possible impact, although more than half (54%) have not quantified or did not know what their worst possible loss exposures could be from such an incident.

Over a quarter of energy companies surveyed in the Global Cyber Risk Perception Survey reported that they had been the victim of a successful cyber-attack.

Energy sector companies are increasingly looking beyond ICT security solutions alone to mitigate the risk from cyberattack, with 77% saying they plan to invest more in cyber risk management, and 26% plan to increase their cyber insurance.

Andrew Herring, Energy and Power Practice Leader, Europe, the Middle East and Africa, Marsh, commented: "As the energy industry relies more on interconnectivity as a result of greater digitalisation, the potential for cyber-attacks to cause severe disruption to operations, loss of data, and, consequently, high financial losses, should be a key concern for energy executives.

"While it is encouraging that three-quarters of respondents plan more investment in cyber risk management, it is worrying that over half questioned have yet to quantify their exposures. For those firms that have not put plans in place to mitigate and manage attacks or have not measured their cyber exposure, now is the time to take steps to be prepared for the impact an attack could have on their operations and systems."

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