Cyber Risk in Energy and Utilities

The biggest cyber losses in energy and utilities aren’t the ones that show up most often in claims. Email compromise makes up 21% of energy claims but just 2% of incurred losses, while ransomware drives roughly 70% of the dollars. And in the claims we reviewed, attackers got past controls clients had already switched on.

What you’ll find inside:

• Where the money goes: Why email compromise is twice as common in energy as in the rest of our portfolio, yet ransomware accounts for about 70% of incurred losses.
• Controls that looked fine on paper: How attackers worked around MFA that was already on, and why tested immutable backups and segmented operational networks let clients recover without paying and keep production running.
• The claims you won’t see: Why none of our energy claims involve control system manipulation, even as the 2026 water utility campaign hit at least seven states, and how to test your own controls directly.