• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 7 minutes The Painful Death of Coal
  • 11 minutes Forecasts for Natural Gas
  • 7 hours 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 3 mins U.S. Presidential Elections Status - Electoral Votes
  • 2 days .
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours Сryptocurrency predictions
  • 2 days *****5 STAR Article by Irina Slav - "The Ugly Truth About Renewable Power"
  • 54 mins Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 1 min Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 16 hours CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 55 mins Joe Biden's Presidency
  • 1 day How US Capitalism Uses Nationalism
  • 5 days European gas market to 2040 according to Platts Analitics
Can Oil Firms Win Over ESG Investors?

Can Oil Firms Win Over ESG Investors?

As institutional investors grow increasingly…

Iran Nuclear Deal Talks Are Finally Progressing

Iran Nuclear Deal Talks Are Finally Progressing

The signatories to the so-called…

Experts: Cyberattacks Could Threaten Entire Countries, Not Just Energy Assets

Cyber attacks have grown bolder and increasingly creative and some of them target the shutting down of entire countries, not just disrupting oil and gas assets or stealing identities, according to industry experts.

“At some point (hackers) were after a quick buck, just wanting to make some money and steal a few identities,” Wael Fattouh, a partner with PwC in Saudi Arabia, said at the ADIPEC energy conference in Abu Dhabi on Wednesday.

“But now you have teams of people dedicated to coming up with creative ways of shutting down entire countries – not just companies,” CNBC quoted Fattouh as saying at the event.  

Experts have been warning for some time that oil and gas companies and entire countries that are big oil producers could be vulnerable to cyber threats. An analysis of data collected from 134 countries by the International Telecommunication Union has revealed that some of the world’s biggest oil producers—including Iraq, Saudi Arabia, Venezuela, Iran, and the UAE—are lacking in the cybersecurity department.  

In addition, oil companies put investment into boosting cyber security on the back burner during the worst of the oil price plunge in 2015 and 2016, as they were striving to adapt to the lower-for-longer oil prices with cost cuts, while hackers grew increasingly inventive and bolder at the same time.

Earlier this week, the ‘Regional Risks for Doing Business’ report by the World Economic Forum showed that executives cited cyber attacks as the number one risk to doing business in Europe, North America, and East Asia and the Pacific.  

“Cyber-attacks are seen as the number one risk for doing business in markets that account for 50% of global GDP. This strongly suggests that governments and businesses need to strengthen cyber security and resilience in order to maintain confidence in a highly connected digital economy,” said Lori Bailey, Global Head of Cyber Risk, Zurich Insurance Group, and Member of the Forum’s Global Future Council on Cybersecurity.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

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