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Data Breaches Cost More Than $4 Million Per Incident, Power Industry at High Risk

July 28, 2021

The post Data Breaches Cost More Than $ 4 Million Per Incident, Power Industry at High Risk appeared first on POWER Magazine.

IBM Security reported on July 28 that the average cost of recent data breaches was $ 4.24 million per incident, the highest cost ever recorded by the company in 17 years of tracking the metric. Notably, data breaches in the U.S. were by far the costliest, exceeding $ 9 million per incident on average.

The findings were among several insights exposed through a global study of data breaches conducted by the independent Ponemon Institute, a analysis group known for its empirical studies. Researchers reviewed data breaches experienced by 537 organizations between May 2020 and March 2021. The incidents occurred in 17 countries and across various industries.

“We see the number, in general, tick up across the years—some years a little bit higher, some years a little lower—but in general, the trend has been the numbers increase over time,” IBM Cyber Threat Intelligence Expert Charles DeBeck told POWER during an exclusive interview.…

Wind Energy Group Says $43 Billion at Risk from COVID-19

March 23, 2020

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The post Wind Energy Group Says $ 43 Billion at Risk from COVID-19 appeared first on POWER Magazine.

Energy groups continue to assess the industry disruption caused by the coronavirus, with the American Wind Energy Association (AWEA) on March 19 saying the global pandemic is putting $ 43 billion of wind industry investments and payments at risk.

Utilities, grid operators, and other have been altering their routines as state and local governments call for the closures of many non-essential businesses. Energy companies have instituted travel bans, have shuttered their offices—asking many employees to work remotely—and changed how they will interact with customers.

Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association, earlier this week said the virus has caused “a pretty significant crisis” for the solar industry, disrupting supply chains and likely creating labor shortages. Tom Kiernan, CEO of AWEA, on Thursday acknowledged the challenges the coronavirus is causing for the wind energy industry, going so far as to ask for Congress to intervene to protect jobs and economic investment in the sector.…

How Utilities Can Manage Supplier Risk [PODCAST]

January 28, 2020

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The post How Utilities Can Manage Supplier Risk [PODCAST] appeared first on POWER Magazine.

Power companies are turning to external suppliers and contractors now more than ever. Utilities are getting help with tasks ranging from the relatively simple, such as vegetation management and the handling of customer calls, to the complex, including turbine repair and large infrastructure projects. Although the benefits of utilizing contractors are often obvious, the dangers, which include cyber, reputational, financial, legal, and regulatory risks, may not be as easy to assess.

Two Boston Consulting Group (BCG) experts, Mike Lewis and João Maciel, were recent guests on The POWER Podcast. Both men are managing directors and partners with BCG based in Houston, Texas. Lewis leads the firm’s Houston office, while Maciel specializes in green energy, energy efficiency, and the environment. The pair helped author a paper on supplier risk management best practices and shared some tips during an interview for the podcast.

Maciel noted that outsourcing amplifies three main risks that utilities are typically already exposed to in their businesses.…

Risk-Based NERC Compliance: Assessing Risk to Bulk Power System Generation

June 2, 2016

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Ensuring the reliability of the power system is the responsibility of many industry participants. In this POWER exclusive, one regional reliability entity, the Midwest Reliability Organization, explains its role.

In response to the 2003 Blackout—which affected parts of the U.S. Northeast and Midwest, plus portions of the Canadian province of Ontario—the U.S. Congress mandated adoption of reliability standards for the bulk power system (BPS). The North American Electric Reliability Corp. (NERC) is responsible for coordinating the development of those mandatory reliability standards (written by industry experts), which become effective with approval from the Federal Energy Regulatory Commission (FERC) in the U.S. and authorization in Canada under arrangements with each province. NERC has contracted with Midwest Reliability Organization (MRO) and seven other regional entities to be responsible for compliance, monitoring, and enforcement of the reliability standards.

Development of a Risk-Based Approach

When MRO began enforcing mandatory reliability standards in 2007, every instance of noncompliance, no matter what the risk was to reliable operations of the BPS, required a formal enforcement proceeding with a filing to FERC in the U.S.…