Cyber, political risks top concerns among European energy industry execs
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Political and cyber risks are among the major concerns of companies in the power industry in Europe, according to a study published Tuesday by Marsh L.L.C.
Of survey respondents, 42.6% said they were extremely worried about political risks, and 38.9% said they were moderately worried about the threat political risks pose to their business.
Meanwhile, 44% said they were moderately worried by cyber risk, and 27.8% said they were extremely worried about the threat of cyber risk to their business.
The threat of data breaches that compromise customer data is a concern for power companies as is the potential vulnerability of their distribution networks, explained Mark Pollard, managing director of Marsh's European Industry Practices in Milan, speaking at a briefing Tuesday in London.
There are insurance solutions that power companies can buy, he noted. For example, business interruption policies to cover cyber events that are not caused by material damage can now be purchased, although they are often expensive, he noted.
The study, “The State of the Power Industry: The Lost Era of Regulatory Certainty,” was the result of a survey during the second half of the year of 54 power industry executives from Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Poland, Spain, Sweden, Switzerland, Turkey and the United Kingdom.
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