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Marsh McLennan Report Offers Help in Dealing with Cyber Issues Amid Power Grid Transition

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Increasing climate volatility, growing demand for renewable energy and rising urbanization all affect power grids worldwide. Existing grid networks are vulnerable to extreme weather events and cyber-attacks, with power outages in the US alone costing businesses around USD 150 billion a year. Marsh McLennan’s report, Making the Switch: Navigating the Smart Grid Transition discusses how innovative combinations of advanced technologies can help accelerate innovation across the energy sector.  Guy Carpenter is a business of Marsh McLennan.

For example, power industry stakeholders should address oncoming IT infrastructure vulnerabilities and institute sound cyber hygiene practices across their organizations. To address stakeholder concerns about data security, firms should promote and communicate privacy protection practices and a resilient cyber posture. Securing trust can help businesses responsibly scale data collection capabilities to enable analytics powered by artificial intelligence and machine learning, produce accurate predictions and avoid biased decision-making.

Guy Carpenter is working closely with our clients to share updates on the threat landscape, deliver cyber industry insights, construct relevant modeling scenarios, and design reinsurance placements to protect these portfolios. The industry is also adopting new risk mitigation, pricing and underwriting tactics to help adapt to expanding cyber risk.

 

Making the Switch: Navigating the Smart Grid Transition

The report discusses how innovative combinations of advanced technologies will accelerate innovation toward a "Smart Grid 2.0" that can address legacy operational challenges and create commercial opportunities across the energy sector.

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