Studies From University Of Wisconsin Reveal New Findings On Smart Grids (An Extreme Value Theory-based Catastrophe Bond Design For Cyber Risk Management Of Power Systems): Energy

2022 APR 04 (NewsRx) — By a News Reporter-Staff News Editor at NewsRx Policy and Law Daily — Fresh data on Energy – Smart Grids are presented in a new report. According to news reporting originating in Milwaukee, Wisconsin, by NewsRx journalists, research stated, “Cybersecurity is emerging as one of the most critical issues for the power system operation in recent years. The most recent studies have shown that cyber-insurance can be an effective solution for the cyber risk management of power grids.”

Financial support for this research came from National Science Foundation (NSF).

The news reporters obtained a quote from the research from the University of Wisconsin, “In these early attempts, actuarial frameworks and premium schemes were designed for the insurance companies to cope with the risks on power system cybersecurity. However, due to the potentially catastrophic consequences of malicious cyberattacks on power grids, the tail risk events may expose the insurance companies to undue financial risks even if applicable premiums have been designed and collected, which will demotivate the insurance companies from entering the market and providing insurance to the…