Cyber attacks and renewable energy assets: Under-reported and over-exposed

Cyber attacks in the renewable energy industry remain significantly under-reported, whilst at the same time growing in prevalence. Amid ongoing lockdowns, many renewable energy companies are using remote monitoring systems and working practices to help maintain BAU.

Research from GCube Insurance suggests that though cyber attacks are estimated to be responsible for over £2.4trn in losses annually and climbing, last year's cyber insurance market last year was only worth around £4.07bn.

Geoffrey Taunton-Collins, a senior analyst at the insurer, said: “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.”

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