CYBER SECURITY INSURANCE FOR ENERGY
Discover our tailored cyber insurance solutions for the energy sector and protect your business from cyber threats.
The energy sector faces an increasingly hostile cyber landscape. With rising cyber risks and threats targeting critical infrastructure, 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. Supply chain vulnerabilities further increase the risk, as third-party providers can inadvertently introduce security gaps.
Insider threats, whether deliberate or accidental, also pose a serious challenge to businesses. Safeguarding energy infrastructure is crucial to maintain reliable services and national security.
Effective cyber security measures are key if you want to support your business operations and keep them running optimally. At Canopius, we provide proactive services, including threat intelligence reports, security assessments, and specialised training webinars.
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.
Key Coverage Options
- 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.
Additional Benefits
- 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:
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Ransomware Attacks
Cyber criminals target critical infrastructure to disrupt energy supply and demanding large sums to restore operations.
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Legacy Systems
Many energy companies rely on outdated systems. This makes them more vulnerable to cyber attacks due as they have weak security features.
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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.
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Insider Threats
Employees with access to critical infrastructure can unintentionally or deliberately cause security breaches, compromising the entire network.
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Nation-State Cyber Threats
State-sponsored attackers target energy systems in order to disrupt services or cause economic and political instability.
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.
Energy sector Industry-Based Threat Intelligence Reports
- Quarterly reports that address the current threat landscape specific to the energy sector industry.
- Keeps your organisation informed about emerging cyber threats and vulnerabilities.
Bespoke Recommendations on Security Controls
- 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.
Educational Webinars
- 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.
Immediate Response to Cyber Attacks
- Offers instant assessment and mitigation services if your business experiences a cyber breach
- Ensures a coordinated and efficient response to minimise damage.
Expert Service Panel
- A global panel of expert providers which include digital forensics, legal assistance, public relations, ransomware negotiation and data mining to name a few.
Dedicated Support Team
- Our team is dedicated to guiding, coordinating, and fully supporting your business.
- Our aim is to resume normal operations as quickly as possible.
Contact Us
Don’t leave your energy company vulnerable to cyber attacks and threats. Get in touch with our experts today to discover our tailored energy sector insurance solutions.
The energy industry is increasingly recognising the importance of robust cyber security measures, just as it has long prioritised physical safety and environmental protection. By aligning your business with comprehensive cyber insurance cover, you’ll know your operations are as secure as possible.
