GCube has launched a new Cyber Risk policy, designed to tackle the specific threats posed to clean energy asset owners by a recent rise in cyber attacks on global power generation and transmission infrastructure. GCube’s Cyber Risk product is designed to cover the specific cyber exposures of renewable energy asset owners, faced with this growing threat.
This new product covers owners and operators in any circumstance where the ability to generate power, and the associated revenue, is impacted by a cyber attack on proprietary or third-party IT or OT (Operational Technology) systems. In practice, this means it provides cover for loss of revenue, and incidental expenses, incurred in a range of circumstances, including non-damage events, digital asset destruction, including loss of use or theft of import SCADA data, reputational harm and cyber extortion. Cover can also be extended to include a cyberattack on assets not actually owned by the insured, such as damage to a third-party substation or transmission infrastructure that prevents the export of power.