Energy and power firms face rising risk of business interruption (BI) losses, Marsh has warned.
Research from the broker suggests BI is also the major risk associated with cyber-attacks on energy firms.
Asset consolidation and integration among affiliates will also fuel the BI trend in the next decade, Marsh suggested.
Marsh released its report, “Rethinking Business Interruption Risks in an Optimized Oil and Gas Industry”, to coincide with an energy industry event it was holding in Dubai.
Some 76% of energy executives cited BI as the most impactful cyber loss scenario for their organisation, highlighting not only the growing threat cyber risk presents for the energy industry, but also the heightened risk any BI event could have on production and revenues.
Despite more than half of energy executives naming cyber as a top-five risk, 54% of energy executives said they had not quantified or did not know what their worst possible loss exposures might be.
But more firms are falling victim. Some 26% of energy executives surveyed said they were aware that their company had been victim to a successful cyber-attack in the past 12 months.
The energy industry plans to invest…
