• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 8 minutes Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 28 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 23 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 1 day As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 23 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 3 hours Middle East on brink: Oil tankers attacked off Oman
  • 9 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 1 day Never Knew Gasoline Prices were this important!
  • 14 hours Plants are Dying
  • 6 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 1 day (Un)expectedly: UK Court Sets Assange U.S. Extradition Hearing For February 2020
  • 20 hours We Are Better Than This
  • 9 hours Emmissions up, renewables nowhere
  • 2 days Britain makes it almost 12 days with NO COAL
Alt Text

Can Trump Rely On The Saudis As Oil Prices Crash?

Trump’s request to Saudi Arabia…

Alt Text

The Truth Behind The Torpedoed Tankers

The media, and indeed the…

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

Trending Discussions

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

Trending Discussions


Leave a comment

Leave a comment





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