Hackers are everywhere, even in the energy sector!

“An attack on energy infrastructure has the potential to cross from the cyber realm to the physical world. A cyberattack could cause, for instance, a massive operational failure of an energy asset. Large centralized infrastructures are especially at risk due to the potential “domino effect” damage that an attack on a nuclear, coal, or oil plant could cause”.

The “Could Energy Industry Dynamics Be Creating an Impending Cyber Storm?” report, by the global insurance and risk management group Marsh, though, shows that, despite these fears about the impact of cyber attacks on production and revenues, more than half of energy executives in the survey had not quantified (an exact figure regarding the exposures) or did not know what their worst possible exposures could be…

The Marsh study follows the publication, in January, of the World Economic Forum’s Global Risk Report 2018, which said: “Cyberattacks are perceived as the global risk of highest concern to business leaders in advanced economies. Cyber is also viewed by the wider risk community as the risk most likely to intensify in 2018”.

Exposure to risks from cyber is growing, as firms become more dependent on technology, the…