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Energy firms' exposures to cyber risks and the potential impact on physical assets
Laila Khudari, an underwriter at the Kiln syndicate, which offers cover via Lloyd’s, is quoted in this Insider Quarterly article by the Russell Group Limited: “In the last year or so we have seen a huge increase in demand from energy and utility companies. I think what’s behind it is the increase in threats and the fact that a lot of these systems were never previously connected to the outside world,” says Khudari.
The key word here is “connected”. The news about the energy companies reflects a wider concern about cyber exposures more generally and the impact on Business Interruption. As power generators and distributors struggle with the complexity and size of the networks they manage, they find it to locate and recruit staff with the specialist skills to defend these systems. Click below to find out more about energy firms' exposures to cyber risks and the potential impact on physical assets, supply chain, brand reputation and much more.