Munich Re Syndicate launches cyber cover for oil and gas sector
Written by staff reporter
Munich Re Syndicate has launched a new cyber product specifically for the independent oil and gas sector. This new cover encompasses both traditional data breaches and any physical loss or expense associated with a potential cyber attack.
The operational and financial complexity of this particular sector presents growing threats to cyber risk due to increased connectivity, sensitivity of data, unmanned operations and complex royalty payment structures for onshore operators. The likely recurrence of cyber attacks is expected to intensify as the link between technology and business continues to evolve.
“There is a heightened level of awareness around the risk of a cyber attack on the oil and gas sector, particularly in the wake of recent events which have caused significant economic disruption,” said Dominick Hoare, chief underwriting officer of Munich Re Syndicate Limited in London. “As automation and integration expose the oil and gas industry to new vulnerabilities, Munich Re is working to deliver a product that will compliment companies’ contingency measures to ensure that they are well prepared should a cyber incident occur.”