The global energy cyber insurance market is expected to grow from $102 million in 2021 to $442 million by 2030, with utility companies purchasing cyber insurance from industry insurers seeing a 25-30% increase in premiums. Guide to the house reports that energy companies may see the sharpest rate spikes when it comes to cyber insurance premiums. This is due to the increasing sophistication of cyber attacks, the changing threat landscape and the rising cost of data breaches.
While energy companies can take a number of steps to reduce the risk of cyber attacks, the reality is that no organization is immune to this growing threat. As such, purchasing cyber insurance is likely to become an increasingly important part of risk management for power plants around the world.