WASHINGTON, Feb. 26, 2020 /PRNewswire/ -- Utility Dive, a leading business publication covering the utility and electric power sector, found significant disconnects between utility perceptions and organizations' actions on cybersecurity, stranded assets and other pressing power sector topics in its seventh annual State of the Electric Utility Survey. The survey drew responses from 566 executives and professionals from utilities and energy retailers around the world, posing questions about critical takeaways for the industry.
The survey findings highlight that utility executives are highly confident of their overall preparedness on cybersecurity, but many are not taking critical, recommended steps to address the risks. This year, 84% believe their organizations are fully or mostly prepared to address cyber threats, but only 52% of participants say their organizations are promptly upgrading and patching systems.
"While survey respondents reported a high level of confidence in their readiness to address cyber threats, our results also demonstrate that utilities may be leaving themselves vulnerable to a cyber event by not taking basic cybersecurity precautions," said Larry Pearl, senior editor of Utility Dive.
The report also uncovered a lack of fear about the potential for stranded assets. Only 18% of utility participants said stranded assets and generation retirements are one of their organization's top concerns. This reduced concern appears to contradict another consistent trend: Cost of transition to ratepayers, including stranded assets, remains the number one challenge to evolving the utility business model, cited by 45% of survey participants.
The full report delves into more detail on industry attitudes and planned actions on climate resilience, electric vehicles, battery storage and other critical power sector issues.
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SOURCE Utility Dive