Hackers are Knocking: Cyber Insurance
April 15, 2021 - 2:00 pm EST (Live Event)
The oil and gas industries increasingly rely on digital communication systems to operate their businesses and depend on their employees and business partners to be effective managers of these systems. Approximately one-third of the nation’s electricity is supplied by oil and gas production, leaving huge potential for one cyber incident to cause massive interruptions of service, undetected spills, and a damaged reputation (just to name a few).
A recent report on global fraud and risk revealed a critical need for online protection. In 2017, almost 90% of senior executives in the field reported being affected by cyber incidents. To make matters worse, it’s also believed that roughly half of these cyber attacks go undetected. With that said, it doesn’t take long to realize why many in the industry are rushing to fill the gaps in their cyber defenses. Firms across the Oil & Gas industry need a cyber insurance policy that responds to both first and third party coverages to help address the traditional and non-traditional forms of attack. With a cyber policy, you’ll be covered for costs involved in dealing with, and recovering from, the most common and the most costly cyber incidents.