Cyber risk management plays a critical role for companies in the energy sector for whom disruptions in field operations have the capacity to affect not only individuals, but could also harm the economy of entire regions, states, and nations. Because of the far-reaching impact caused by any cyber attack on procedures in the energy industry, hypothetical energy-targeted cybercrime has become the subject of in-depth analysis and costly research in order to better understand the exact extent of the potential damage. Armed with knowledge of the current landscape for your industry and the tools to assess your own company’s particular pain points, you will be positioned to take real control of your risks and consciously manage them moving forward.
The Centre for Risk Studies at the University of Cambridge in collaboration with Lloyd’s published a research document in 2015 entitled, Business Blackout: The Insurance Implications of a Cyber Attack on the US Power Grid, in which they investigated the effects of a hypothetical cyber attack that burns out 50 power generators in the US. The report finds that as a result of malware that could be implemented by a “relatively small team”, regions of the country could experience blackouts for weeks, the US economy could undergo a $243 billion - $1 trillion loss, insurance companies could pay up to $71.1 billion in claims, and the effects to the health, infrastructure, and business operations of communities without power for such an extended period are impossible to completely surmise. The results of such attacks would be as costly as they could be deadly.
In an environment where this “scenario...is technologically possible and is assessed to be within the benchmark return period of 1:200 against which insurers must be resilient”, actions must be taken. But how do you know which actions are necessary, where the weaknesses lie, and how to apply your resources most effectively? Maxxsure provides robust cyber risk quantification with its M-Score and management tools. With Maxxsure you can use data easily understood by non-technical leadership to prioritize cyber initiatives at the enterprise level and even track your company's progress towards its goals. By helping you to establish and maintain a Risk-Aware Lifestyle for your company, Maxxsure rids your organization of fear, uncertainty, and doubt concerning cyber risk management and instead delivers peace of mind.