CAC Group has launched CyberPeril Pro, a new cyber insurance solution tailored for the energy and utility sectors, responding to the increasing risks of cyberattacks on critical infrastructure. Recent incidents, such as the 2021 ransomware attack on Colonial Pipeline that caused fuel shortages across the U.S. East Coast, the 2023 Suncor Energy breach that disrupted payment systems, and the Oldsmar, Florida water utility hack, where attackers attempted to poison the water supply, highlight the pressing need for targeted cybersecurity insurance.
CyberPeril Pro addresses growing concerns about coverage gaps as traditional insurance carriers increasingly exclude “silent cyber” coverage. Adam Lantrip, Executive Vice President at CAC Specialty, emphasized the growing risks, stating, “As more carriers eliminate ‘silent cyber’ coverage, our clients are concerned about coverage gaps. This solution offers substantial capacity and new ways to insure cyber risks.”
“Smarter Tools”
CyberPeril Pro provides flexible, affirmative coverage that allows clients to select the specific protection they need, eliminating reliance on exclusion buybacks or self-insurance for cyber-related property and casualty risks. Key offerings include broad cyber insurance, contingent business interruption coverage, and protections against system failure, cyber extortion, third-party bodily injury, and physical or property damage due to cyber incidents. Pollution legal liability coverage is also included.
Vannessa Smith, Vice President at CAC Specialty, emphasized the solution’s customizable nature, stating that CyberPeril Pro helps clients proactively address cyber risks. “We’re giving our clients smarter tools to safeguard their operations against growing cyber threats.”
Source: CAC Group Launches Cyber Insurance Solution for Energy and Utility Sectors.
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