Cyber Security Insurance for Energy
Discover our tailored cyber insurance solutions for the energy sector and protect your business from cyber threats.
Legacy systems and growing digital connectivity expose energy companies to significant vulnerabilities.
Cyber attacks, such as ransomware and nation-state-sponsored threats, aim to disrupt operations and compromise essential services. Safeguarding energy infrastructure is crucial to maintain reliable services and national security.
At Canopius, we provide proactive services, including threat intelligence reports, security assessments, and specialised training webinars to support the smooth running of your business.
Bespoke Cyber Energy Insurance product tailored to the Energy Sector
With more than a decade of experience in providing cyber insurance for the energy 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: protection against disruptions in essential services such as electricity, water, or gas, including reimbursement for spot market power replacement costs.
- Regulatory fines and penalties: 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: coverage for losses resulting from property damage and business interruption due to cyber attacks.
- Joint ventures: expanded protection recognising the complexity of modern utility partnerships.
- Return premium: up to 5% return premium for undertaking approved cyber initiatives during the policy period.
- Discounted access: 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 Energy Sector
The top five cyber security challenges in the energy sector are:
Ransomware Attacks
Cyber criminals target critical infrastructure to disrupt energy supply and demand large sums to restore operations. These attacks can paralyse entire networks and force companies to choose between paying substantial ransoms or facing prolonged operational downtime.
Legacy Systems
Many energy companies rely on outdated systems. This makes them more vulnerable to cyber attacks due as they have weak security features. These ageing systems often cannot be easily updated without significant operational disruption.
Supply Chain Vulnerabilities
Third-party vendors in the energy sector may introduce security gaps. These gaps may increase the risk of unauthorised access to systems.
With energy companies increasingly dependent on external contractors, software providers, and equipment manufacturers, a breach at any point in the supply chain can cascade throughout the entire network.
Insider Threats
Employees with access to critical infrastructure can unintentionally or deliberately cause security breaches, compromising the entire network. The challenge extends beyond malicious actors to include negligent behaviour, such as falling victim to phishing attacks or mishandling sensitive credentials.
Privileged users with administrative access pose particularly high risks, as their compromised accounts can provide attackers with unrestricted system access.
Nation-State Cyber Threats
State-sponsored attackers target energy systems in order to disrupt services or cause economic and political instability. These well-resourced adversaries conduct sophisticated, persistent campaigns designed to infiltrate networks and remain undetected for extended periods.
Taken together, these challenges highlight the importance of a structured approach to cyber risk management and the role that specialist cyber insurance for the energy sector can play in supporting resilience.
Threat Intelligence for the Energy 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 energy sector industry.
- Keeps your organisation informed about emerging cyber threats and vulnerabilities.
- Tailors cyber security recommendations to the unique needs of your energy sector 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 the Energy 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 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
