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.
Securing the broadest coverage at the most competitive rates in a niche industry requires the skills, expertise and experience of a firm that is active in the energy and wider insurance market every day. With access to global markets and sources of risk capital around the world, our clients are able to obtain coverage that responds to market forces and delivers optimal terms throughout supply and demand cycles.
Every firm has a unique risk profile. Backed by the experience of Aon’s specialist energy team and risk consultants, we work with our clients to design bespoke risk and insurance solutions that accommodate for each firm’s immediate requirements and future objectives, including flexibility to address emerging threats or opportunities. We are proud of our innovation and ability to develop new solutions to address the next generation of risk or risks previously considered uninsurable.
Aon’s position in the market and client portfolio enables our team to accumulate information on markets and rates to benchmark your metrics against industry trends and monitor the performance of your insurance programme. With these insights and access to Aon’s Risk Data Insight Platform (RFDP), businesses can make informed decisions about optimizing their risk management approach, risk retention and risk transfer programs.
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