AEGIS provides first cyber cover for operational technologies

Lloyd’s insurer AEGIS London claims to offer the first business protection for cyber attacks on operational technology (OT) and critical infrastructure.

The product, CyberResilience, combines liability, business interruption and terrorism coverage with a service-based offering that consists of cyber underwriting assessment, risk management consultancy, loss control, threat analysis, incident response and vulnerability management.

CyberResilience aims to support energy and utility firms in the face of an increasing cyber threat, which BAE Systems Applied Intelligence (BAE) found in a study, conducted on behalf of AEGIS that focussed on power and utility companies based in the US, the UK, Canada and continental Europe.

BAE found the majority of respondents, as well as specialists and vendors who work with energy companies and utilities, believe it is a matter of time until a cyber attack of major significance takes place that will affect a critical operational infrastructure such as the electric grid.

Furthermore, 53% of incidents handled by the US Department of Homeland Security in the first half of the 2013 fiscal year were in the energy and utility sector, and many were sponsored by states such as China.

AEGIS London chairman Alan Maguire believes insurers must react to the development of cyber criminals who are shifting their focus towards operational technologies and, in many cases, are supported by a nation state.

Maguire said: “Cyber attacks are no longer focused solely on IT environments. Cyber terrorists have turned their attention to operational technologies and the critical infrastructure they support, so we have expanded our coverage accordingly. 

“Our new CyberResilience coverage is offered in conjunction with specialized pre- and post-attack services provided by our cyber security partners who are global experts in the critical infrastructure industry. Now, for the first time, businesses can obtain secure and reliable cyber insurance cover and service-based offerings for both operational and information technology.”