Governments worldwide are looking to reduce the use of harmful energy that has negative effects. Today, the emphasis should be on developing new technologies and making more use of them to reduce emissions and abide by the regulations of the governments. Renewable energy companies are particularly vulnerable to operational disruptions from cyberattacks because of their quickly expanding footprints, complicated supply networks, and diversified and dispersed infrastructure.
Cyber Event Scenarios and Impact
Companies involved in renewable energy may suffer heavy losses due to ransomware, leading them to decreased earnings and liability to fulfill the contractual obligations and regulatory fines.
These attacks can have a major impact and may affect infrastructure damage and financial effects. To overcome these problems, the sector needs a forward-looking way of cyber risk management.
Understanding, Measuring and Managing the Cyber Risk
Here, we will help you to understand, measure, and manage cyber risk.
Understanding Cyber Risk
Here are the ways to understand cyber risk:
- Consult with risk management professionals.
- Do a gap analysis of the insurance program to determine any gaps or overlaps in your coverages that may be related to cyber occurrences.
- Provision of cybersecurity advisory services.
- Review the cyber security of your Business.
- Assess your company’s and vendors’ cyber threat environment.
- Creating and maintaining a program for third-party and vendor risk management.
Measuring Cyber Exposures
Use the following ways:
- Calculate the financial exposures for insurable & non-insurable risks by scenario-based financial stress testing.
- Provide frequency & severity for both cyber-attacks and system failures in the forward-looking models.
- Determine which risk transfer strategies and investment in control frameworks are the most effective and efficient.
Managing Cyber Risks
Use the below points for this purpose:
- Secure specific renewable industry sectors.
- Get protection against network attacks.
- Test the performance of the cybersecurity controls.
Changing the Renewable Energy Security Paradigm
Currently, the energy infrastructure all around the world is facing an increasing number of cyberattacks. The utilities are regulated, but digitizing operations and allowing remote access to those controls through the network can invite problems such as ransomware and distributed denial-of-service attacks, i.e., DDOS attacks.
The companies dealing in alternative energy may be compelled to deprioritize the security protocols as they prioritize speed-to-market and move through various ownership stages.
Due to the scale, variety, and decentralized nature of the “smart” technology, renewable solutions are riskier than conventional utilities.
Interconnected & Evolving Ecosystem
Renewable energy tech has another problem that traditional energy companies do not face. These problems are rapid development and acquisition cycles. The fresh and cutting-edge nature of the renewable energy industry generates a dynamic ecology that is intrinsically hard to secure.
Enabling ESG Targets
As renewables have started to play a major role in corporate ESG strategies, it may have more pressure on the industry to pay attention to security & cyber resilience. It is true, especially if the ESG executives at businesses that invest in renewable energy have frank discussions about the benefits and dangers of these technologies.
Using Eco-Friendly Gadgets
We’ve prepared a list of eco-friendly gadgets which you may find useful:
- Eco-Friendly Batteries– These are cost-effective batteries that are made up of saltwater and organic components.
- Solar-Powered Home Security Cameras– According to this useful gadget list, they are prepared against power outages and use the sun as the only source of energy.
- Multifunctional Solar Lamps – These are portable and use solar energy as the main source.
- Eco-Friendly Irrigation Monitors– The gadget helps to study the weather report and save water.
- Compact Electricity-Free Refrigerators– As stated in this article, it is a refrigerator designed to help people who do not have reliable electricity or even cannot get access to electricity. This innovation does not need electricity at all to keep your food items cool and fresh.
- Temperature-Regulating Jewelry– It is a cool bracelet that becomes cool or warm as per your comfort.
- Durable Solar Lamps– These lamps work without the use of electricity.
- Rubik’s Cube Chargers– It is an automatic charger that prevents your device from overheating. By the way, in China, they have become by far the most popular gadgets.
- Rugged Eco-Friendly Batteries– These are solar-powered batteries and are water-resistant.
- Eco-Friendly Shower Pebbles– These are the eco-friendly showers that cut down water usage and help to save water.
- Uninterrupted Solar Chargers– These are the smart chargers that automatically get connected when sunlight becomes available.
At last, we would say that there are a lot of risks to renewable energy companies Today. It is important to overcome these problems and find a solution because companies incur a lot of losses due to these cyber threats.