Reinsurance News

Renewable energy firms increasingly looking at non-damage cyber cover: GCube

20th July 2020 - Author: Luke Gallin

GCube Insurance, a provider of insurance services for renewable energy projects, is seeing heightened demand for its non-damage cyber risk insurance product amid a spate of recent cyber-attacks on global renewable energy companies.

green energyThe company has emphasised that, during the current period of COVID-19-induced lockdowns and beyond, renewable energy asset owners that are increasingly relying on digital systems must adapt to heightened exposure to cyber threats, including ransomware, denial-of-service, and human error.

According to GCube, this previously under-reported threat has come into focus amid recent cyber-attacks on global renewable energy businesses. In turn, this has led to a surge in demand for the company’s non-damage cyber risk insurance solution as firms look to mitigate their exposure to business interruption and other cyber losses.

The spread of the novel coronavirus across the globe has resulted in unprecedented lockdowns and restrictions, which has pushed many renewable energy firms to leverage remote monitoring systems and working practices.

Geoffrey Taunton-Collins, Senior Analyst at GCube, commented: “Digitalisation of course drives significant efficiency gains for businesses and is now a necessity for renewable energy companies looking to maintain continuity during the Covid-19 pandemic.

“But with portfolios now at greater risk of cyber-attacks, we are seeing even greater demand for our cyber insurance product as project owners are increasingly realising the very real threat that cyber-attacks pose.”

GCube notes that although ransomware attacks and denial-of-service are still significantly under-reported in the renewable energy space, recent examples in the UK, the US and Portugal have provided further examples of the need for asset owners to invest in cyber insurance, especially for non-physical damage events.

The company adds that in recent weeks, numerous businesses have been in touch to explore ways of mitigating their financial exposure to cyber-attacks.

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