Renewable energy insurer GCube has launched a new policy covering cyber risk in the clean power sector.
The new product covers owners and operators in any circumstance where power generation and the associated revenue is impacted by a cyberattack on proprietary or third-party IT or operational technology systems.
Circumstances covered include non-damage events, digital asset destruction – such as loss of use or theft of import SCADA data – reputational harm and cyber extortion.
GCube said insurance can also be extended to include a cyberattack on a third-party substation or on transmission infrastructure that prevents the export of power.
GCube Insurance chief executive Fraser McLachlan said: “In the renewables market, the benefits of ‘big data’ and interconnectivity in driving operational efficiency are well-established – but there is an underlying risk that this increasing digitalisation makes the industry a more obvious target for cyber crime.
“While energy firms commonly take out policies to mitigate the commercial risk of a customer or employee data breach – and the physical integrity of assets is covered by conventional insurance – what has been lacking in the market to date is a means of compensation for when a cyberattack prevents a renewable energy project from operating as it should.”
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GCube cover cyber savvy
By EBS