After seeing significant demand for its non-damage cyber risk insurance product, GCube Insurance has highlighted that renewable energy asset owners relying more heavily on digital systems during the current lockdown period and beyond must adapt to increased exposure to cyber threats such as ransomware, denial-of-service and human error.
GCube is a provider of insurance services for renewable energy projects.
Commenting on the issue, GCube senior analyst Geoffrey Taunton-Collins 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.”
Unprecedented COVID-19 lockdowns globally has resulted in many renewable energy companies taking advantage of remote-monitoring systems and working practices to try and ensure ‘business as usual’ despite the disruption.
However, recent cyber attacks on global renewable energy businesses have underlined the scale and nature of this previously under-reported threat.