Energy executives ‘increasingly concerned over cyber risks’

Leading figures from the energy industry say there are becoming increasingly worried about the threat of cyber attacks to their business

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By Jonny Bairstow

Energy executives are becoming increasingly concerned about the dangers posed to their business by cybersecurity attacks.

That’s according to insurance and risk management business Marsh, which says in its global survey of 1,312 senior industry figures, more than three-quarters said business interruption would be the most concerning impact of such an event.

They said not only is this becoming more likely to occur but the risk it could have on production and revenues is more heightened as businesses gradually get more digitalised.

More than half of energy executives questioned were unable to quantify their exposure to cyber risks but 77% said their organisations plan to increase investment in cyber risk management to minimise potential damage.

Andrew Herring, Energy and Power Practice Leader at Marsh, said: “As the energy industry relies more on interconnectivity as a result of greater digitalisation, the potential for cyber-attacks to cause severe disruption to operations, loss of data and consequently high financial losses, should be a key concern for energy executives.”