Cyber Security Insurance for Utilities
Discover our tailored cyber insurance solutions for utilities and protect yourself from cyber threats. Find out how our cyber insurance and cyber risk management strategies can help you now.
The integration of digital technology protection within the utilities sector has led to improvements in everything from energy distribution to infrastructure management. However, these technological advancements also heighten exposure to cyber security vulnerabilities.
Understanding the primary cyber security risks is essential for protecting customer data, ensuring the continuity of services, and maintaining the integrity of utility systems.
Canopius brings extensive expertise in providing cyber insurance specifically crafted for the utilities industry. Our cyber insurance for utilities offers comprehensive protection in the event of a cyber breach, ensuring your business remains secure.
We provide proactive services, including threat intelligence reports, security assessments, and specialised training webinars. In other words, we help you stay ahead of potential cyber threats.
Bespoke Cyber Utility Insurance Product tailored to the Utility Sector
With more than a decade of experience in providing cyber insurance for the utility sector, we have tailored our insurance to meet the unique risks faced by this industry. Our coverage includes extensions to operational and regulatory challenges of the industry.
- Failure to supply:Â protection against disruptions in essential services such as electricity, water, or gas, including reimbursement for spot market power replacement costs.
- Regulatory fines and penalties:Â coverage for fines and penalties imposed by regulators like NERC or FERC, and enforced shutdowns directed by regulatory authorities (applicable in certain jurisdictions).
- Property damage and business interruption:Â coverage for losses resulting from property damage and business interruption due to cyber attacks.
- Joint ventures:Â expanded protection recognising the complexity of modern utility partnerships.
- Return premium:Â up to 5% return premium for undertaking approved cyber initiatives during the policy period.
- Discounted access:Â access to various services provided by our vendors at discounted rates.
Backed by Canopius’ deep sector expertise and a proven claims performance record, our product ensures comprehensive protection for your utility business.
Top Five Cyber Security Challenges in the Utilities Industry
The utilities sector faces a unique set of cyber security challenges as technology evolves. Key cyber security challenges include:
Legacy Systems
Many utility companies rely on outdated infrastructure and control systems. These older systems often have unpatched vulnerabilities and are prime targets for cyber attacks.
Ransomware and Malware
Ransomware attacks pose a significant risk in the utilities sector due to the critical nature of energy supply and water management. Utility companies are frequently targeted because the disruption of essential services can have severe financial and public safety consequences.
Distributed Denial of Service (DDoS)
DDoS attacks can overwhelm utility websites, customer service platforms, or even operational networks with excessive traffic, rendering them inaccessible. Cyber criminals may use DDoS attacks as part of ransom campaigns, often in conjunction with ransomware or data theft efforts.
Data Breaches
With the rise in smart metering, customer information systems, and online service platforms, utility organisations store vast amounts of sensitive customer data. Balancing data security with seamless customer experiences is challenging and can increase data breach risks.
Insecure IoT Devices
The adoption of Internet of Things (IoT) devices in utilities, such as smart metres and connected grid systems, introduces new vulnerabilities. Poorly secured IoT devices can be exploited by attackers to gain access to critical infrastructure.
In this context, having robust cyber insurance for utilities is crucial to mitigating these risks and ensuring your organisation’s resilience in the face of cyber threats.
Threat Intelligence for the Utilities Sector
Our Threat Intelligence capability stands at the forefront of cyber risk management, powered by expert analysts and the latest technology. We offer a unique, comprehensive view of the cyber threat landscape built upon rich data collected by our premium threat intelligence feeds and platforms.
- Quarterly reports that address the current threat landscape specific to the aviation industry.
- Keeps your organisation informed about emerging cyber threats and vulnerabilities.
- Tailors cyber security recommendations to the unique needs of your aviation business.
- Helps implement the best defence strategies to reduce the risk of cyber breaches.
- Led by our Threat Intelligence team, our webinars guide and protect your business.
- Keep staff informed and educated about the latest cyber security practices.
Explore how insurance for cyber security can further protect you.
Incident Response Management in the Utilities Sector
Your entire organisation is at risk as cyber attacks increase in volume and complexity. Loss of customer data and damage to systems can occur.
If your business experiences a cyber threat, you need an instant response. As your insurer, we offer expertise and services that can instantly assess your situation and begin to mitigate the incident.
- Offers instant assessment and mitigation services if your business experiences a cyber breach
- Ensures a coordinated and efficient response to minimise damage.
- A global panel of expert providers which include digital forensics, legal assistance, public relations, ransomware negotiation and data mining to name a few.
- Our business cyber insurance team is dedicated to guiding, coordinating, and fully supporting your business.
- Our aim is to resume normal operations as quickly as possible.
Speak to one of our specialist underwriters
