The report states that critical US infrastructure is coming under increased pressure to protect its vital systems and assets from outside cyber threats as the number of attacks increase and stronger regulations are imposed
Of more than 200 cyber incidents investigated by the Department of Homeland Security between October 2012 and May 2013, 54 per cent occurred within the energy sector, far surpassing any other critical infrastructure sector.
The report examines the growing cyber threat to the US power grid and other infrastructure facilities; the evolving regulatory landscape; and steps utilities and other facilities can take to better protect their data and assets.
Matt McCabe, a senior advisory specialist at Marsh, said: “A power grid interruption as a result of a cyber-attack has the potential to cost utilities and other infrastructure facilities millions of dollars in lost revenue, regulatory fines, and additional expenses to restore operations and to improve cyber securities defences, not to mention reputational damage.
“The incidents have also prompted the federal government to propose stronger cyber security practices for utilities and other infrastructure owners and operators.”
According to Marsh, as well as industry-specific cyber insurance solutions, utilities should focus on employee training; engage in system penetration testing and periodic threat assessment reviews; develop and test continuity plans; and review and update procedures and responsibilities for gathering and processing claims information in the event of a loss.