Avangrid Achieves Near-Perfect Cybersecurity Rating from SecurityScorecard

Rhea-AI Summary

Avangrid (NYSE: AGR) has achieved a security score of 98 from SecurityScorecard, significantly surpassing the energy industry average of 86. The company excels in network and application security, addressing key vulnerabilities in the energy sector. This achievement demonstrates Avangrid's commitment to protecting its infrastructure, customers, and employees in an increasingly digital environment. The company implements a multi-layered security management approach based on the National Institute of Standards and Technology framework to protect its transmission and distribution systems across its Networks companies.

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• Achieved exceptional cybersecurity score of 98, significantly above industry average of 86
• Strong performance in critical areas: network security and application security
• Comprehensive multi-layered security management system in place

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• None.

Insights

Cybersecurity Expert

The 98/100 security score from SecurityScorecard represents exceptional cybersecurity performance, particularly significant given the energy sector's average of 86%. The robust performance in network and application security is important as these are primary attack vectors for energy infrastructure. The company's adoption of the NIST framework and multi-layered security approach demonstrates mature security governance.

The focus on third-party risk management is strategically important, as supply chain attacks represent a major threat vector in the energy sector. Their proactive stance on securing clean energy infrastructure shows forward-thinking risk management, essential as the grid becomes more digitized and interconnected. This positions Avangrid well ahead of emerging threats in the renewable energy transition.

Avangrid achieved a security score of 98 from SecurityScorecard, a global leader in cybersecurity ratings, significantly higher than the energy sector average

ORANGE, Conn.--(BUSINESS WIRE)-- Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, today announced that it achieved a security score of 98 from SecurityScorecard, a global leader in cybersecurity ratings that evaluates the threats, vulnerabilities, and mitigations of over 25,000 companies. Avangrid’s score, significantly higher than the energy industry average of 86, demonstrates the Company’s commitment to the safety and security of its infrastructure, customers, and employees.

Avangrid outperforms its industry peers in several key areas, including network security and application security, two of the industry’s most common vulnerabilities according to a recent SecurityScorecard and KPMG report on top threats to the U.S. energy sector.

“Maintaining high standards in cybersecurity has become even more important in our increasingly digital world and critical to Avangrid achieving its goals of providing our customers with safe, reliable, and affordable energy while accelerating the energy transition,” said Pedro Azagra, Avangrid CEO. “I am proud of the work our security professionals have done to keep our digital infrastructure safe, and these efforts will continue in order to thwart the new threats that are sure to come in the future.”

The recent report from SecurityScorecard and KPMG highlighted an urgent need to enhance security within the energy sector. For example, it found the greatest threat to the industry comes from security breaches involving third-parties, mostly outside the energy sector or in software and IT services. Additionally, it stated that growing clean-energy capacity in the U.S. will contribute to a more interconnected and software-driven grid that could be exposed to attack, signaling a need for enhanced cybersecurity measures.

“The threat landscape is dynamic and constantly changing, and as cybercriminals develop new techniques, we will continue to deploy smart and timely security mitigations to defend our critical infrastructure and reduce risk”, said Brian Harrell, Avangrid Vice President & Chief Security Officer. “Adversaries will always look at the energy sector as an attractive target, but we will work to stay one step ahead by making the right investments to keep our company, customers, and infrastructure secure.”

To address constantly evolving cybersecurity threats, Avangrid has put in place measures to help assess, identify, and manage risks, which is critically important to its Networks companies including United Illuminating, Connecticut Natural Gas, Southern Connecticut Gas, New York State Electric & Gas, Rochester Gas and Electric, Central Maine Power, Maine Natural Gas, and Berkshire Gas. Avangrid’s multi-layered security management approach reduces the risks that can affect the confidentiality and integrity of data and availability of our facilities, critical assets, and infrastructure, such as our transmission and distribution system. The Company’s cybersecurity framework is based on that set by the National Institute of Standards and Technology.

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $45 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital as one of the JUST 100 companies – a ranking of America’s best corporate citizens – in 2024 for the fourth consecutive year. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

About SecurityScorecard: Funded by world-class investors, including Evolution Equity Partners, Silver Lake Partners, Sequoia Capital, GV, Riverwood Capital, and others, SecurityScorecard is the global leader in cybersecurity ratings, response, and resilience, with more than 12 million companies continuously rated.

Founded in 2014 by security and risk experts Dr. Aleksandr Yampolskiy and Sam Kassoumeh, SecurityScorecard’s patented security ratings technology is used by over 25,000 organizations for enterprise risk management, third-party risk management, board reporting, due diligence, cyber insurance underwriting, and regulatory oversight.

SecurityScorecard makes the world safer by transforming how companies understand, improve, and communicate cybersecurity risks to their boards, employees, and vendors. SecurityScorecard achieved the Federal Risk and Authorization Management Program (FedRAMP) Ready designation, highlighting the company’s robust security standards to protect customer information, and is listed as a free cyber tool and service by the U.S. Cybersecurity & Infrastructure Security Agency (CISA). Every organization has the universal right to its trusted and transparent Instant SecurityScorecard rating. For more information, visit securityscorecard.com or connect with us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241023317576/en/

Media Contact:

Keaton Thomas

Keaton.thomas@avangrid.com

503-956-9621

Source: AVANGRID, Inc.

FAQ

What cybersecurity score did Avangrid (AGR) receive from SecurityScorecard?

Avangrid (AGR) received a security score of 98 from SecurityScorecard, significantly higher than the energy industry average of 86.

How does Avangrid's (AGR) cybersecurity score compare to the energy sector average?

Avangrid's (AGR) score of 98 is 12 points higher than the energy sector average of 86.

What cybersecurity framework does Avangrid (AGR) use?

Avangrid (AGR) uses a cybersecurity framework based on the National Institute of Standards and Technology standards.

What are the main cybersecurity strengths of Avangrid (AGR)?

Avangrid (AGR) particularly excels in network security and application security, which are two of the industry's most common vulnerability areas.