International oil and gas companies are facing an increased risk of cyberattacks and will need to change the way they approach risk management to reduce the impact of cyberthreats, a recent Master’s study by Stellenbosch University political scientist Kayla Mc Ewan shows.
She says that, by digitalising their systems to increase productivity and profitability, oil and gas companies are opening themselves up to a greater risk of being the target of a cyberattacks that can result in the theft or destruction of intellectual property, espionage, extortion and massive disruption of operations.
She points out that research by professional services multinational EY has shown that the oil and gas industry faces more cyberattacks and phishing attempts than other industrial sectors.
There is, nevertheless, limited information on the full impact of cyberattacks on the oil and gas industry despite it being targeted more than other industrial sectors, highlights Mc Ewan.
It is important for oil and gas companies to start developing management strategies to address the risk of cyberthreats. The industry must also identify vulnerabilities that exist throughout the industry as a…
