Energy Cyber Liability Insurance

Identifying ways to insure and protect PII data and the technology that keeps the grid running.

While many energy companies have cyber liability insurance plans they may not be effectively insuring in the event of a data breach or attack on operating technology. Figuring out how to insure these critical systems is essential for protecting a company should any event occur, but can be a complicated task requiring a wide variety of knowledge and expertise to effectively manage.

Benefits

Energy companies are often not effectively insuring in the event of a data breach or attack on operating technology. By effectively insuring these systems, your company can guarantee that should the worst happen, you will be able to handle the costs of the event in an effective and timely manner.

Expertise

SecureState has worked with a variety of utility companies facing all kinds of security issues. As such, we know the unique challenges and risks facing something as vital and complex as the energy grid.

Detailed Approach

If someone performs a malicious attack on the operating technology (OT) in place at any station in the grid, the effects can be catastrophic. And yet, the costs to repair after such an attack and handle any legal issues that arise from it are often unknown, and therefore uninsurable. In particular, the energy industry faces risks of theft of customer data and attacks on their OT and business unit (BU) environments. Due to the costs associated with data breaches, a large energy company would require cyber liability insurance covering the millions of dollars required to rectify the breach along with associated infrastructure restructuring, legal fees, and other costs.

In order to insure these systems, SecureState will work with your company to determine the exact levels of coverage needed for your environment. Using the FAIR Risk Assessment methodology, SecureState will examine your company’s resources, identifying the highest risk and dollar losses for each. SecureState will work with employees across the organization to develop an understanding of the exact nature of your environment, including system vulnerabilities, in-place controls, types of mitigation that could occur in the event of an attack, threats facing the organization, and affected assets. SecureState understands the unique nature of every OT and BU environment and will work closely with your company to develop a specific coverage plan to meet your needs.

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