Potential cyber incidents for energy firms include risks of external actors and internal failures:
- Hackers targeting sophisticated industrial control and data acquisition systems
- Network interruption resulting in lost business income
- Dependent or contingent business interruption due to a cyber event suffered by a third-party vendor or supplier
- Bodily injury or potentially catastrophic property damage resulting from a cyber event
- Intentional acts committed by rogue employees
- Ransomware attacks
The shift towards automation and digitalization continues to change operations both for energy firms and across the entire supply chain. Establishing and maintaining a robust risk management strategy in this rapidly evolving business environment, is critical.
By working alongside cyber specialists with dedicated focus on the energy industry, firms can access data-driven insights to make informed decisions about cyber risk:
- Risk consulting in combination with risk transfer solutions gap analysis to determine existing protection and identify complementary cyber solutions,
- Cyber risk profiling to optimize risk retention and transfer decisions
In evaluating cyber insurance, it is important to understand the risks and exposures an insurance policy may or may not address. While there are numerous standard products available in the marketplace, balancing coverage provided by both cyber insurance and other insurance products is essential to create a robust, efficient and effective insurance programme.
Cyber risk insurance can be designed to cover certain additional exposures:
- Privacy and security liability
- Business interruption and extra expenses
- Contingent business interruption
- Cyber extortion
- Data corruption
- Media liability
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When operating in diverse and remote regions, clients should expect an approach to risk management that is truly global and delivers collaborative solutions across the full risk profile.
At Aon, we deliver localised expertise on a global scale. Our market share and global footprint enable our teams to monitor market trends through sophisticated data and analytics, and develop models to forecast how these trends affect our clients. Our energy hubs operate in many regions, providing direct access to our global industry specialists, risk engineers, consultants and local and international insurance markets.