According to the X-Force Threat Intelligence Index 2023, the energy industry is the fourth-highest industry sector to be targeted by cyber attacks. The Colonial Pipeline incident—despite it being two years since the ransomware attack occurred—still remains a poignant example of the serious repercussions that a cyber attack can exert on critical infrastructure. This event underscored the impact of a cyber event on the energy supply chain: fuel shortages for countless citizens, substantial expenses for mitigation and recovery, and long-term damage to the reputation of the affected company.
With nearly every business decision in our world relying on the thousands of companies producing electricity, coal, oil, natural gas, nuclear power, and renewable fuels such as geothermal, hydropower, solar, and wind, cyber risk management is a top priority.
However, effectively managing and mitigating cyber risk and building cyber resilience can be challenging. Apart from dealing with a multi-threat environment with geographically dispersed targets, energy companies face several other cyber risk challenges unique to the industry.
Scroll down as we unpack the top five cyber risks faced by the energy industry today.
Safeguarding this crucial sector and the communities it serves necessitates proactive and comprehensive measures to address cyber risk effectively. A robust cyber risk program should leverage technologies such as AI and automation, which can process and analyze large amounts of data. Additionally, Continuous Control Monitoring (CCM) and automation are essential because of the ability to work all the time and identify and flag anomalies.
With CyberGRC, your organization is empowered with:
To explore more about the challenges faced by the energy industry and how your organization can transition from a conventional approach to a connected cyber risk strategy, check out our eBook, which provides valuable insights and practical steps to fortify your organization against cyber threats in the energy landscape.