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Evolving cyber risks in energy amid transition

Explore how energy and power companies manage evolving cyber risks amid the energy transition with tailored insurance solutions and expert insights.

In this episode of Powered, Marsh’s cyber expert Gabe DiGiamberadino, Vice President, Marsh Cyber, discusses the evolving cyber risk landscape facing energy and power companies amid the ongoing energy transition. Key challenges such as ransomware, supply chain vulnerabilities, and the increasing digitalization of operational technology are explored, highlighting how these risks uniquely impact utilities and renewables. In his conversation with our host Grace Brighter, Gabe also breaks down the complexities of cyber insurance, explaining coverage nuances, underwriting criteria, and the growing availability of tailored solutions that address industry-specific exposures like NERC CIP fines and failure to supply.

The conversation further emphasizes the importance of robust risk management practices, including benchmarking, incident response planning, and vendor risk management, to mitigate cyber threats effectively. Gabe underscores the critical role of board-level engagement and cross-functional collaboration in managing cyber risk, while also addressing how emerging technologies like AI amplify existing risks. Ultimately, the episode offers actionable insights for energy and power leaders to confidently navigate cyber risk and leverage insurance as a strategic tool in their risk management arsenal.

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Key takeaways

Navigate

Cyber risk in energy and power is evolving with increased digitalization of operational technology, requiring specialized insurance solutions and proactive risk management.

Implement

Effective cyber risk management involves understanding exposures through benchmarking, maintaining strong controls, and preparing incident response plans tailored to operational technology environments.

Engage

Board engagement and cross-department collaboration are essential to ensure informed decisions on cyber risk and insurance coverage, helping organizations stay resilient amid growing threats.

About our speakers

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Sarah Baldys

Senior Vice President, FINPRO Power & Renewables Leader

  • United States

Sarah is a Senior Vice President at Marsh where she leads a national team of FINPRO colleagues with specialized expertise in the Energy and Power sector.

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Grace Brighter

Assistant Vice President

  • United States

Grace Brighter is an Assistant Vice President within Marsh’s FINPRO Placement Team. She is responsible for working with insurance carriers and negotiating competitive coverage for her clients.

Gabe DiGiamberardino

Gabe DiGiamberardino

Vice President, Cyber Practice

  • United States

Gabe DiGiamberardino is currently a member of Marsh’s Cyber team. His responsibilities include working with clients and prospects to help them understand, measure, and manage their cyber risk.

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