New research by the DNV claims that the energy sector will have severe implications for its entities if they don’t invest in cybersecurity in the next two years. The management and quality assurance provider DNV is looking at the powerful impact of cyberattacks in various aspects of the energy sector. This includes people’s lives, properties, and, most importantly, the environment.
More than three-quarters of the workforce in oil and gas sectors, power, and renewables believe that major cyberattacks in this industry will cause a downfall in three different sectors. The Cyber Priority, an organization that explores energy sector cybersecurity, suspects that cyberattacks may cause operational shutdowns. According to 84 percent of professionals, it will cause damage to the energy sector’s assets and vital infrastructures. Meanwhile, 74 percent of professionals, expect that the environment will be compromised. Finally, 57 percent believe that cyberattacks will lead to the demise of many.
The Cyber Priority reports three crucial cybersecurity trends that will cause these.
1. Companies tread water instead of investing in cybersecurity
DNV’s survey shows that six out of 10 C-suite level executives know that their organizations or the industry, in general, are under threat. They believe that the energy sector cybersecurity is more vulnerable now than ever before. But the same executives are biding their time to see the best approach when circumventing this significant issue.
Slightly half of the executives who participated in the survey pushed for improving their cybersecurity in the next few years to protect their business. Meanwhile, 35 percent of C-suite level respondents say that the company has to experience a cyberattack before management would invest in a solution. Also, a minor 22 percent of professionals suspect that their company was under threat of a severe security breach in the last few years.
This might be the primary reason why most C-suite-level executives are taking this issue lightly. Because they think their organization has prevented a significant cyberattack in the last few years, they believe that massive spending wouldn’t be a crucial decision for now.
2. Threat from supply chains
DNV suggests that strengthening defenses is the first line of offense from cyberattacks to augment cybersecurity. Finding out where the most vulnerable areas are should be the first step in determining what types of cybersecurity investments are needed.
Although some organizations are thrusting efforts into detecting the most vulnerable areas, The Cyber Priority claims that these organizations don’t include the companies they work with, such as supply chains or third-party suppliers.
3. Workforce training is recommended
Amidst the threat of cyberattacks, most companies don’t realize that their employees are also the best line of defense to prevent these security issues. A study reveals that only 31 percent of energy professionals are confident that they know the solutions whenever faced with potential risks to their infrastructures.
While six out of 10 energy professionals claim that the company’s cybersecurity training is effective, more training might be needed to eliminate the risks of life, property, and environmental damage.
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