Energy Sector Transformation Impacts Cyber Risk
Avoid the "Silent Cyber" Gap
The current cyber insurance protection for the energy sector's investment in modernisation is wholly inadequate. Moreover, the removal of cyber cover from more traditional policies such as Property and Liability insurance has created an enormous gap between a dynamic and changing risk landscape and the associated insurance coverage.
Cyber Mutual understands the complexity of the change processes and assesses risk effectively to provide appropriate cover to fill this gap.
Risk Impact and Improvement
Developed by energy sector cyber security professionals, exclusively for energy sector clients, Cyber Mutual encompasses a unique methodology to assess and improve digital and cyber security effectiveness.
Cyber Mutual contextualises IT, OT and IOT cyber impact and provides recommendations that can be integrated into our clients cyber improvement program.
A Mutual Approach
Membership of the Cyber Mutual client community ensures new threats and defence practices are shared amongst energy sector peers. Cyber Mutual provides a platform for CISO's and Insurance professionals to collaborate and share information to mutually improve Cyber resilience across the Energy industry.
What benefits do I get as a client?
You will receive targeted and appropriately costed insurance cover to off-set your Cyber risk based on capability and impact lead risk assessments. You will receive benchmarking information enabling you to measure your own Cyber risk against those of your industry peers. In addition, you will receive a Cyber risk improvement plan, enabling you to effectively measure your trajectory towards a securely implemented transformation program, protecting your digital transformation investment.
How much is an assessment?
You don't pay a penny for the Cyber Risk Assessment. Think of it as a replacement to a proposal form. We use the initial assessment to quote a premium for your cyber insurance cover shortly before your renewal date.
Do I need to wait until my renewal date?
You do not have to wait until your renewal date. If you are concerned that you may have inadequate cover in place, we will conduct a free insurance assessment, mid-policy.
What does this insurance cover me for?
Cyber insurance cover is provided for business interruption, e.g. individual outages or cross organisation / supply chain cascading failures.
How do we become part of the Steering Committee?
You will need to be passionate about steering improvements in Cyber risk management within the energy sector. You will need to currently work for an organisation in the energy sector and be either a senior security and/or senior insurance professional.
You will be requested to attend up to 4 virtual roundtables per year and give your current view on challenges regarding threats to the modernisation of the energy sector and discuss how these challenges can be addressed as an industry.
You will also be asked to give feedback on Cyber Mutual's service improvements that will be presented at those sessions.
I'm an Underwriter. How does this help me?
Our approach will establish an improved risk assessment, pre-inception and offer continual risk and impact monitoring throughout the duration of the policy and beyond. This ensures your policy and portfolio risk can be managed effectively.
We can also assess your current energy portfolio for aggregated risk.
We run are in the process of setting up a consortium of underwriters for Cyber Mutual. Contact us directly to get involved.
Why is it better than my current proposal form?
Unlike your current proposal form, Cyber Mutual provides continual risk monitoring throughout the duration of the policy and is built specifically for the energy market with regulatory frameworks and specific security certification criteria built in.
The assessment is based on cleverly combining capability and impact assessments aimed at understanding the resilience and likely loss in specific scenarios. This information enables us to run scenario based losses in the absence of enough historical real loss data.
As industry specialists, the ability to benchmark the energy sector provides quantifiable risk metrics across your energy portfolio and highlights overweight risks. Recommendations are given to address these risks and pushed through out collaborative network of CISO's to reduce loss ratios and provide the most competitive premiums.
I am a broker, how can I bring this to my energy clients?
Get in touch with us so we can align service propositions and bring this to your clients.