NRI Annual Review 2025 - Flipbook - Page 19
By Michele Chiamenti,
Underwriting Manager, NRI
In an era where digital
transformation is reshaping
economies at an ever-fastening
pace, the nuclear sector is proving
to be no exception. Digitalisation
and the AI revolution promise
to unlock new potential across
industries, but with this comes
new and enhanced risks. For
nuclear power plants (NPPs), the
increasing sophistication of cyber
attacks and breadth of the attack
surface pose significant risks
to critical assets and economic
stability. As a response to these
evolving challenges, Nuclear Risk
Insurers has introduced CyNuC –
a pioneering, first of kind cyber
insurance product designed
specifically for NPP operators.
The evolving cyber
threat landscape
Cyber threats have evolved dramatically
since their early beginnings in the
1980s. Initially emerging at the onset
of computer technologies, these
threats became more organised
at the turn of the millennium with
greater collaboration among more
sophisticated hacking groups. By the
2000s, cyber-attacks had emerged
as a new form of conflict, prompting
substantial investments from nationstates into developing cyber security
capabilities. High-profile attacks
such as Stuxnet and WannaCry have
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highlighted how vulnerable critical
infrastructure could be to malicious
actors. Where previously cyber attacks
required significant resources, today
executing a digital attack is far easier;
tools are readily available online and
services like DDoS or ransomware
can be readily purchased on dark
web marketplaces. For NPPs, critical
assets from a national security and
energy grid perspective, the stakes
are particularly high. The convergence
of information and operational
technology, along with digital
modernisation efforts at older plants,
have increased exposure to potential
breaches that could disrupt operations
or compromise safety systems.
Introducing CyNuC: tailored
protection for nuclear operators
To respond to the needs of our client
base, NRI has developed CyNuC – a
‘malicious act’ cyber insurance policy
crafted with Lloyd’s Syndicate 1176
alongside Chaucer’s Cyber team. This
innovative product is tailored specifically
to cover physical damage to NPPs
against malicious attacks to operating
technology and includes business
interruption, clean-up costs, breach
response and data restoration costs.
