Main Influencers Of Cybersecurity Implementation

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This is already evident in the credit card/payment industry. Insurance companies are in the early stages of a campaign to try and model what a big risk would be and what insurance would look like if power producers were to be insured against cyber risks. It may be some time in coming as there is not a proliferation of cyber-criminal data in the energy sector to create actuarial tables. “Cyber crime breaches on average cost companies $1 – $3 million in damages, which can bankrupt smaller businesses, incite civil lawsuits, and cause fines to be levied.”13

Cyber attacks could potentially be reduced by the presence of a healthy cyberscurity insurance market.
Energy interests which institute preventative measures and “best practices” could be provided with more coverage. Currently, many companies decline available coverage australia mobile number list free because they believe the costs to be prohibitive, they are uncertain about what would be covered, and they are willing to risk that they will not be the target of a cyber attack. The Department of Homeland Security (DHS) has recently assembled a wide-ranging collective of public and private sector interests “to examine the current state of the cybersecurity insurance market and how to best advance its capacity to incentivize better cyber risk management.”14



As NERC security standards continue to evolve and be revised, FERC and utility companies are supplying important input and constructive comments to promote continual improvements.