This report addresses selected methodological aspects of proactive reliability, functional safety and cyber security management in life cycle of industrial automation and control systems (IACS) in hazardous plants and oil port critical installations based on the analysis of relevant hazards / threats and evaluation of related risks. In addition the insurance company point of view has been also considered, because nowadays the insurer, interested in decreasing risks to be insured, offers the expertise how to limit effectively risks in life cycle from the design conceptual stage of hazardous plant, through its reliable and safe operation, until decommissioning. Therefore, the risk evaluation model for insurance related decision making for the period considered, e.g. one year, should be plant specific with some predictive properties due to changing environment and business conditions, and usually considerable uncertainty involved. The objective is to evaluate and mitigate risks, and control them proactively, through undertaking appropriate activities within a process based management system according to elaborated policy and strategy that includes organisational and technical aspects, including preventive maintenance activities of sensitive equipment and updating in time the training programmes. Careful evaluating and controlling risks is also crucial for the insurance company. Basic activities of the risk engineers and underwriters in the insurance process are outlined in the context of identified hazards/threats and defined factors that significantly influence risks to be considered in evaluating the insurance premium in the context of terms and conditions specified.