There’s no doubt that cyber risk has a major impact on the energy industry. Let’s take an example of a natural gas pipeline company with a wide distribution network: Today’s distribution systems are significantly dependent on computer technology to safely and efficiently transport gas to the end user. Although natural gas systems are equipped with safety devices which are manually operable, a cyber-attack can initiate a major loss of system control with profound negative consequences: network downtime means lost revenue. And yet, oddly enough, most energy firms are still uninsured for this kind of loss of revenue.
|This post was part of our SPOTLIGHT ON CYBER: Is Any Industry Safe?, published June 25, 2013. The feature also included these other risks:|