Navigating Cyber Insurance for Water Utilities

Cyber insurance is increasingly vital for water utilities as they face the growing threat of cyberattacks. In a recent article, published in JournalAWWA and co-authored with Monica Tigleanu, Cyber Strategy Director at the BMS Group, we outline a framework to evaluate insurance needs by categorizing potential impacts into financial and tangible consequences. This framework guides utilities in identifying risks, analyzing current coverage, and working with brokers to secure adequate protection.

Here are the top takeaways:

• Cyber Insurance as Resilience: Cyber insurance provides critical financial support after attacks, strengthening recovery and bolstering organizational resilience.
• Framework for Assessment: A four-quadrant model helps water utilities identify potential financial and tangible impacts of cyberattacks to align insurance needs effectively.
• Holistic Coverage Analysis: Utilities are encouraged to evaluate current policies, identify coverage gaps, and consider both first- and third-party impacts.
• Broker Collaboration: Engaging with insurance brokers ensures tailored coverage for unique risks and operational needs.
• Proactive Risk Management: Incorporating cyber insurance into broader risk strategies ensures preparedness for diverse cyber threats.

This piece offers a practical approach to strengthening resilience against cyber threats. Explore the full article here.

Want to discuss these trends and how they impact your cyber security strategy? Schedule time to speak with an Axio expert today.

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