• 3 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 5 minutes Can LNG Kill Oil?
  • 8 minutes Question: Why are oil futures so low through 2020?
  • 11 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 44 mins “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 17 mins CoV-19: China, WHO, myth vs fact
  • 8 hours Question - What if there are no buyers for Chevron's Appalachia Assets?
  • 2 hours Blowout videos
  • 1 day OIL trades as if the virus is a 1 quarter event. As if it's Containable, Reversible and Temporary. Is it ?
  • 22 hours Energy from thin air?
  • 2 days Hey NYC - Mayor De Blasio declares you must say goodbye to fossil fuels. Get ready to freeze your Virtue Signaling butts off.
  • 4 hours Natural Gas
  • 2 days Fast-charging, long-running, bendy energy storage breakthrough
  • 2 days Foxconn cancelled the reopening of their mfg plants scheduled for tomorrow. Rescheduled to March 3rd. . . . if they're lucky.
  • 2 days "For the Public's Interest"
  • 7 hours Cheap natural gas is making it very hard to go green
Alt Text

The New ‘Must-Have’ For Energy Hedge Funds

Green investing is getting more…

Alt Text

Uncertainty Brings An End To The Oil Price Rebound

The latest five-day oil rally…

Alt Text

Why The World’s Top Oil Traders Are Going Green

Oil traders, however, seem to…

Jen Alic

Jen Alic

 

More Info

Premium Content

Oil Explorers Beware: Hackers Are Eyeing What You Know

While most would think that the risks junior oil and gas companies are taking in exploring new frontiers as far away as the remote reaches of Africa are related to government instability and conflict, another risk they face is right at home and lies right beyond their network firewalls.

Cyber security breaches are becoming more common place as the ranks of junior companies swell and take on new exploration venues with a great deal of energy. But at home their firewalls are not safe and hackers are being paid to find out what juicy exploration news is being discussed in their boardrooms. 

In Canada—home of some of the most tenacious of these exploration juniors—local media reported late last year that the internal firewall of Telvent Canada Ltd. had been breached by foreign hackers.

Related article: Malicious Software Threatens U.S. Power Plants

These hackers can represent anyone from a competitor to an organized crime group to political and environmental activists. And the information they want can be anything from preliminary exploration results, merger and acquisition talks and expansion plans to geological data and technological information. All of it is valuable. All of it is sellable.

According to Ernst & Young, most oil and gas companies don’t have high enough network security standards. This is demonstrated by the rising incidents of external cyber attacks. Some companies in the industry don’t even have a formal security framework in place. 

Everything changes with everything else, and while exploration is getting both smaller and bigger at the same time, cyber attacks are being more targeted, taking advantage of individuals who use their own electronic devices to connect to their company’s network. This is where the biggest weaknesses emerge.

Related article: Ethiopia: A Potentially Golden Block on East Africa’s Tertiary Rift

There is an accelerating trend for oil and gas companies to require their employees to use their own mobile devices for work. It’s such a trend, in fact, that it even has its own acronym: BYOD, or bring your own device. But because of the security implications this entails, analysts predict that 65% of enterprises will adopt a mobile device management solution in the next five years.

What this means is that they will need a more secure way to handle sensitive information if their employees are using their own devices, storing company information on those devices and linking up to company networks. Lines between personal and corporate data can be very blurry and this is exactly what cyber attackers are targeting.

There are other weak links, too. Smaller oil and gas exploration and production companies often require external assistance to identify opportunities in foreign countries, to network with the right people and to navigate government figures and regulations. The help they enlist creates another chink in the armor as important data is sent back and forth.

By. Jen Alic of Oilprice.com




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News