# Cyber Insurance for Energy Economic Risks
### Related Work  
In order to mitigate the attack consequences, existing works have provided valuable insights to explore effective mitigation models [19]. The authors of [20] studied a trust value determination framework to indicate the trustworthiness of the obtained measurements. Distributed energy resources rely on the trust values of the control protocols to decelerate and mitigate FDI attacks. The authors of [21] attempted to design a two-stage detection and mitigation approach against electric vehicle (EV) switching attacks to avoid grid instability conditions. A back propagation neural network approach is applied to detect and delay the abnormal switching request. In [22], a hybrid FDI-mitigation scheme based on ensemble empirical mode decomposition is devised for concurrent attacks in DC microgrids. An event-driven mitigation method is adopted to eliminate the attack signal with the reconstruction of trustworthy signals. To enhance the robustness of cyber-physical control systems, the authors of [23] designed a reactive attack-mitigation method. The attack is formulated via a Markov decision process, and a Q-learning-based linear approximation is employed to solve the problem. A diversified software deployment for cyber risk mitigation is studied in [24] under the exposure of coordinated cyberattacks. A long-term optimization model ensures the expected minimal risk considering the worst-case scenario. The authors of [25] proposed a robust incentive-reduction strategic model against financially motivated FDI attacks, which targets the very short term load predictor and deceives the system operator with an uneconomic operation scheme. However, the existing literature solely relies on the emergency response measure to mitigate the attack consequences, which can be strengthened by involving pre-attack risk-management approaches, considering the likelihood of potential cyberattacks. The work in [26] is crucial as it addresses a timely and critical issue--the vulnerability of low-voltage distribution grids to cyberattacks precipitated by the increased integration of EV charging stations. One of the most commendable aspects of this paper is its focus on using the IEEE European Low-Voltage Test Feeder (ELVTF) as a standard model. This choice is particularly praiseworthy because it allows for a highly relevant and standardized approach to simulation, ensuring that the results are robust, reliable, and widely applicable. By utilizing the ELVTF, the study not only enhances its credibility but also contributes significantly to standardizing cybersecurity assessments within the smart grid domain. It is unrealistic to cover and defend against all cyber threats due to their unforeseeable and catastrophic nature. Cyber insurance is designed to mitigate the financial losses that are incurred by cyber risks, offering a mechanism for managing the economic impact of cyberattacks, e.g., data breaches and malicious cyberattacks from hackers [27]. The insured party needs to pay the premium regularly, whilst the insurer is responsible for indemity to cover the financial losses induced by cyberattacks. It is anticipated that the market size of commercial-based cyber insurance will reach into the multimillions by 2028. The American International Group (AIG) is a cyber insurance corporation at the forefront of the industry; it has offered protection services against cyber risks since the late 1990s. The CyberEdge policy is a well-known customized cyber insurance product which is a comprehensive cyber-risk-management solution, offering standalone schemes for business companies [28]. After the cyber disaster that was launched against the Colonial Pipeline in May 2021, U.S. energy companies started to realize the importance of purchasing cyber insurance. The insurance premium of the energy sector used to be the lowest across all industries. However, insurance companies have already prepared to increase premiums by between 25% and 40% due to the increasing severity of attacks and the unprecedented growth of the market [29].