McGill and Partners launches cyber proposition for battery energy storage market

McGill and Partners has launched a new cyber security insurance proposition for the battery energy storage systems (BESS) market.

McGill and Partners said its team worked closely with its clients to identify potential loss scenarios and develop comprehensive, tailored coverage, which is provided by certain Lloyd’s underwriters.

The product includes terms and definitions aligned with the specific technologies used in the BESS market, as well as physical damage protection for projects and associated assets resulting from cyber attacks.

Tom Dryden, cyber partner, said: “At McGill and Partners, we work across different specialties, which enables us to develop tailored solutions that reflect the real-world exposures our clients face.

”We’re proud to develop a solution for a sector that plays a critical part in the energy transition, ensuring our clients are appropriately protected not just against financial losses from a cyber incident, but are also equipped to respond decisively in moments of crisis.”

’Greater demand’

The policy also covers increased regulatory costs as a result of the compliance required to meet evolving cyber security and resiliency standards.

Dryden added: “As the cyber threat landscape continues to evolve, we are seeing greater demand from clients for industry-specific coverage.

”Cyber incidents and technical issues at BESS’ are becoming increasingly relevant as these systems become more integrated into global critical infrastructure and smart grids.”