The new policy covers owners and operators in any circumstance where the ability to generate power — and the revenue associated with power generation — is affected by a cyber attack.
In practice, this could mean loss of revenue and expenses incurred due to destruction of digital assets, loss of use or theft of import SCADA (supervisory control and data acquisition) data, reputational harm and cyber extortion.
Cover can also be extended to include an attack on assets not actually owned by the policy owner: damage to a third-party substation or to transmission infrastructure that prevents the export of power, GCube stated.
To date, the bulk of cyber and ransomware attacks in the energy sector have targeted conventional generation infrastructure.
But with renewables supplying an increasing proportion of electricity to domestic grids worldwide, clean energy projects are becoming an equally prominent target, GCube warned.
It added that annual losses caused by cyber attacks worldwide total an estimated $64 billion.
The new offering is the first of its kind in the renewable energy sector, the underwriter claimed.
It launched the policy at the GCube Advisory Council meeting…
