The network of power plants and lines connecting to homes and businesses is widely considered to be among the most critical infrastructure in the world and most frequently attacked, with consequences that could potentially reach far beyond the power sector.
In the day and age of data breaches and cyberattacks, it is important that electricians and their operations understand what their cyber liabilities are in their line of work. An electrician insurance program (that includes cyber liability coverage) can be a true saving grace in a time of need, but first, it’s important to understand what the risks are for electricians and electrical operations.
The Ins and Outs
Proper cyber risk management is crucial in the electric power sector. This industry faces a rapidly evolving cyberthreat landscape–the sophistication and frequency of attacks are increasing. Energy is actually one of the top three sectors targeted by cyberattacks in the United States. Threats can range from internal, such as an attack from a disgruntled employee, to external, from nation-states or organized crime.
The advancement of electrical infrastructure presents an interesting obstacle for cybersecurity. As grids become modernized and digitized, they become more supported by and integrated into third-party operations. With increasingly complex global supply chains, power companies must identify and map threats across the extended enterprise.
Ownership of the cyber supply chain is often ill-defined, so companies must establish clear accountability and as pressure mounts to move operations to the cloud, companies must do their due diligence in assuring that providers are secure.
Companies often do not have the manpower to assess cyber risks from their vast number of suppliers. Electric power companies need to recognize their threats to overcome them.
Infrastructure Assets & Vulnerabilities
Electrical power companies should map infrastructure assets and prioritize them by cruciality. Determine the vulnerabilities of assets and assess the maturity of the control environment for managing threats. Create a framework for protecting critical assets using people, processes, and technology.
Suppliers’ Security Processes
To manage cyber risk in the supply chain, it is smart to engage with the supply chain procurement function. Electrician companies must understand suppliers’ cybersecurity processes for products and services and assure that they comply with leading industry practices.
Industry Peers & Government Agencies
Managing cybersecurity risk should not stop at the individual enterprise level. You can improve cybersecurity processes by helping to establish industry standards, exchanging threat intelligence with peers, and testing new technologies.
Technological innovation and analytics should be the driving force to your cybersecurity strategy. New tools are increasingly available, and the capability to monitor networks in real-time, discover threats, and address them is advancing rapidly, offering needed protection for the industry at large.
About Daniels Insurance, Inc.
At Daniels Insurance, Inc., we have a unique understanding of the risks that people like you face on a regular basis. With the backing of our comprehensive coverages and our dedication to customer service and quick claims resolution, your business will be fully protected. For more information, contact us today at (855) 565-7616.