A critical challenge in the energy transition process is modulation. How do we power our homes and businesses when the wind stops blowing and the sun isn’t shining?
Cyber Liability Insurance
Per the Federal Emergency Management Agency (FEMA) policy “Coronavirus (COVID-19) Pandemic: Safe Opening and Operation Work Eligible for Public Assistance,” community-owned utilities may recover costs for safe opening and operation of their facilities during the pandemic. Such assistance may include funding for the provision of personal protective equipment and disinfecting services and supplies. The FEMA application deadline is April 1, 2022.
As investments in renewable energy assets grow, few tasks are as critical to a project’s success as risk management. But it’s no longer as simple as purchasing an insurance product a single time. Sophisticated risk management increasingly requires thoughtful consideration and analysis of key risks throughout the life of a project or across a portfolio of assets.
Federal and many state regulations require electric, water, wastewater, and gas utilities to establish an identity theft prevention program. Utilities must have policies and procedures in place to detect, prevent, and mitigate the theft of personal customer information. What does this mean for your community-owned utility? You must evaluate and address all of the ways people can open and access your customer accounts which contain personally identifiable information (PII). Failure to comply with these regulations puts your utility at risk of hefty financial penalties and potential civil lawsuits.
Join us for a special event during the American Public Power Association’s 2021 Business & Financial Conference in Denver. Come for lunch on Sept. 20 to learn what’s happening in the municipal cyber and business insurance markets and how you can lower costs and improve coverages through a national group program for APPA members.
In the wake of the COVID-19 pandemic and the resultant implementation of social distancing directives, altered business processes, and new economic realities, community-owned utilities must review and address their technology infrastructure and cybersecurity measures.
Cyber-attacks remain a top business risk for all utilities and municipalities, increasing in frequency, severity, and sophistication. At the top of the cyber-attack list? Ransomware. The recent attack on the Colonial Pipeline is focusing heavy attention on the threat of ransomware on U.S. energy infrastructure. The bottom line: planning is everything. Learn the three best practices for preparing for a ransomware attack and how to create a detailed incident response plan that prevents paralysis should the worst happen.
Environmental perils rank among the highest in Marsh’s Global Risks Report 2021, specifically extreme weather, failure to address climate change, and environmental damage from human activity. These perils can lead to expensive clean-up measures and tort liability. U.S. municipalities and their community-owned utilities should adapt their business model to these realities and include environmental insurance coverage in their risk transfer strategy.
Front page headlines, consumer panic, political fallout, and a $5 million ransom paid. The attack on the largest fuel pipeline in the U.S. is focusing attention on the vulnerability of our energy infrastructure like never before. With people lining up at gas stations when facing only a few days of a shortage, imagine the reaction to the local electric grid being down for who knows how long. It’s beyond time for all municipalities and their utility departments to build out their cyber defenses.
To provide customers with several payment options, the Utilities Department of the Village of Jackson Center in Ohio accepts bank account direct and credit card payments. To ensure the security of customer information and thwart cyber intrusions overall, Jackson Center took advantage of cybersecurity services offered by its electric service wholesale supplier, American Municipal Power, Inc. (AMP). With the help of an assessment conducted by AMP personnel, Jackson Center has developed a culture of cyber vigilance and addresses vulnerabilities through an effective step-by-step process that is manageable for a small staff.