Editor’s Note: To what extent are shareholders being asked to pay in insurance premiums the resources that corporate leaders delay paying in cybersecurity costs?
From: E&E Publishing
Peter Behr, E&E reporter
Seeing opportunity in an evolving cyberwar battleground, the insurance industry is rolling out new, big-ticket polices to protect grid utilities against damage claims by their customers from catastrophic cyber-caused blackouts.
The coverage adds another issue for utility executives and boards: Do they need insurance to shield themselves and their shareholders against the legal fallout from a devastating cyberattack? And if so, how much and at what cost?
The new policies are being developed and offered to protect against cyberattack losses in the energy sector and to overcome the exclusions for cyberattacks and terrorism that are common in most policies now, said Andrew Herring, leader of Marsh LLC’s energy practice, in an interview.
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