Mining productivity is increasingly integrated with sophisticated computer and cyber based automation systems. With the growth of Artificial Intelligence (AI) this could also result in further cyber integration for mines. Globally, Cyber related attacks and losses in the mining space have increased over the years from the 2010 combined attack on Rio Tinto Group, BHP Billiton Ltd. and Fortescue Metal to more recently the 2023 Fortescue Metals Group (one of the largest iron exporters) cyber-attack.
The mining sector continues to increase automation with self-driving haulage systems, vehicle monitoring through command and control systems, collision avoidance mechanisms, drones for aerial surveys, and remote operations centres for hazardous environments which also increase the cyber risks companies face.
Cyber risks are varied, and attackers can be your own employees, third parties exploiting your systems directly or through contractors with access to your systems. Breaches in the cyber arena can be caused by local or international attackers. Although mining entities have invested in monitoring, maintaining, and upgrading their IT and digital systems, the fast-paced nature of developments in this space poses a risk that they may be unable to prevent all cyber-threats.
The main effects of such attacks on mining operations include:
· Disruption of supply chains | · Loss of financial and commercial data |
· Compromise of employee safety and personal data | · Loss of exploration data and resource definition
|
· Loss of access to critical condition monitoring systems | · Disruption to autonomous mining operations |
· Extortion and damage to company reputation. | · Disruption to production and subsequently loss of revenue
|
Cyber Insurance solutions are available which provide cover for first-party losses (e.g. business interruption, restoration, and crisis communications) and third-party losses, (e.g. data breaches, network interruption, and notification expenses). These Insurance solutions provide cover in areas that traditional insurance policies have gaps or exclusions.
However, because of the unique nature of cyber risks, a one size fits all view does not work. Firstlink emphasises a customised cyber insurance program design for each client cemented by our 360° Risk Management approach. This process would involve investigating and clearly defining the cyber risk exposures existing as these differ according to the type of mining operation. These exposures should also be quantified financially to determine their worst-case scenario impact on client revenues should a loss occur. Pre-loss and Post Loss scenarios are modelled, and we guide the client in developing an internal cyber risk management framework to complement the insurance being purchased. This results in an optimal program design, with a clear balance between exposures, insurance cover and premiums.
Talk to us today about Cyber Insurance cover for your mining operation on (0242)744048/79, 0772392075 or 0772434103.
