Cyber Insurance Against Cyberattacks on Electric Vehicle Charging Stations.

Even with state-of-the-art defense mechanisms, cyberattacks in the electric power distribution sector are commonplace. Particularly alarming are load-altering (demand-side) cyberattacks launched through high-wattage assets, which are not continuously monitored by electric power utilities. Electric Vehicle Charging Stations (EVCSs) are among such high-wattage assets and, therefore, cyber insurance can be an effective mechanism to protect EVCSs from economic losses caused by cyberattacks. This paper presents a data-driven cyber insurance design model for public EVCSs. Under some mildly restrictive assumptions, we derive an optimal cyber insurance premium. Then, we robustify this optimal premium against uncertainty in data and investigate the risk of insuring the EVCSs using Conditional Value-at-Risk. A case study with data from EVCSs in Manhattan, New York illustrates our results.