• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days Does Toyota Know Something That We Don’t?
  • 13 hours America should go after China but it should be done in a wise way.
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 9 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 4 hours How Far Have We Really Gotten With Alternative Energy
  • 9 days Putin and Xi Bet on the Global South
  • 10 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

The Oil And Gas Industry Is Under Attack

Almost two-thirds of oil and gas companies have recently had a serious cybersecurity incident, and only a small minority of them felt confident that their defense capabilities match the threats, a new survey from EY has revealed.

The survey, which involved 40 respondents from the oil and gas industry, found that 60 percent had recently had a significant cybersecurity incident, but only 15 percent have what EY calls a robust incident response program. Even more discouraging was the finding that just 17 percent of respondents felt they are very likely to detect a sophisticated cyberattack in the future.

The issue of cybersecurity is growing in importance for the oil and gas industry as it moves towards greater digitization and automation, while cyberthreats generally increase in number and gravity. That could turn into a major headache for an industry that’s been wary about digital tech, but has been greatly motivated to expand its adoption after the 2014 oil price collapse.

The problem is not unique to oil and gas, of course. Most businesses across industries seem to be unaware of the full implications—financial, reputational, and other—of sophisticated cyberattacks. However, the issue is particularly serious for oil and gas: the nature of the industry makes it critical for any nation, and because of that, a very appealing target for cybercriminals. Related: Brent Pipeline Closure Confuses Oil Markets

Some oil majors are addressing the issue: Statoil, Shell, Lundin, and several tech companies in Europe are currently working on cybersecurity guidelines for the oil and gas industry that would minimize the danger of significant cyber incidents, and at the same time have additional benefits such as cost savings and smoother business operations thanks to the standardized cybersecurity requirements.

That’s a good start, but things will need to be taken much further—and quickly, because, says EY Global Oil & Gas Advisory Leader Jeff Williams, “As more connected endpoint devices such as smart sensors are being deployed across the oil and gas industry, the potential for cyber infiltration rises exponentially, potentially placing the entire supply chain at risk, disrupting regional operations, or worse, causing loss of life.”

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News