The energy industry is increasingly dependent on technology as it makes a quick shift to renewable energy. Due to its reliance on digital technology and networked systems, which make interactions a breeding ground for dangers like ransomware and phishing assaults, it is particularly vulnerable in terms of cyber security.
In this paper, we examine the present cybersecurity dangers that the Energy sector faces and speculate on potential remedies.
Recognizing Important Vulnerabilities
Although the Energy industry, which includes the gas and electric power sectors, faces cybersecurity challenges similar to those faced by other industries, it also has unique weaknesses that call for unique attention. A cyber-attack on an energy provider could result in extensive power outages, huge financial losses, physical infrastructure damage, and jeopardize worker and public safety. An enormous amount of damage could be done by a security breach.
By 2030, the market will be worth more than two trillion dollars, predicts Statista. The energy sector is a potential target for cyber threats because of its broad reach across numerous sectors and geographical locations. In consequence, this creates a large number of possible entry sites for threat actors.
The industry is also exposed to a wider attack surface as energy corporations continue to embrace digital transformation and use cutting-edge technologies to streamline operations.
In fact, The World Economic Forum noted that “managing cyber risk and preventing cyber threats are quickly becoming critical to company value chains as one of the world’s most sophisticated and complex industries makes a multifaceted transition – from analogue to digital, from centralized to distributed, and from fossil-based to low-carbon.”
Frequently Occurring Cybersecurity Threats to the Energy Sector
Due to the vital role the energy sector plays in sustaining economies and delivering important services, it is a target of choice for cybercriminals looking to steal private information and make money, with 63% to 95% of attacks resulting in the latter.
Ransomware attacks are one of the frequent cyberthreats that the energy sector has to deal with.One of the biggest cyberattacks against oil infrastructure in US history occurred in May 2021, when attackers used a stolen VPN password from a Colonial Pipeline Co. employee to access the company’s network and demand 75 bitcoin in exchange for 100 GB of data.
Another big cybersecurity risk to the energy sector is supply chain assaults, when attackers take advantage of flaws in the ecosystem of the supply chain to obtain access to vital systems or jeopardize the integrity of hardware and software components. The SolarWinds hack of 2020, which gave the attackers unrestricted access to the company’s systems by introducing trojan code into their Orion software upgrades, was one of the most prominent attacks in the energy sector.
Making the Energy Sector More Cyber Resistant
Strong Security Procedures
To secure the safety of crucial resources and infrastructure in the energy sector, it is essential to have strong security measures in place. As part of this, networks can be segmented to improve security, firewalls can be enabled to manage network traffic, and staff members can receive thorough security awareness training.
Detailed Threat Monitoring
Conducting thorough risk assessments to identify and prioritize potential cyber threats and industry-specific vulnerabilities is one of the most important steps in preventing cyberattacks in the energy sector. Businesses may prevent possible cyber risks by analyzing, prioritizing, and responding to incidents in real-time with Managex Managed Detection and Response (MDR) solutions.
Planning for Incident Response
An essential part of cybersecurity in the energy sector is incident response planning. It entails developing a clear, organized strategy for handling and minimizing security issues.
It is crucial for the sector to give cybersecurity measures top priority given how susceptible the Energy sector is. The industry may reduce risks, safeguard vital assets and infrastructure, and guarantee the dependable and secure delivery of energy services by recognizing these cybersecurity concerns and putting the right solutions in place.
Managex provides thorough cybersecurity services that are intended to reduce risks and guarantee the integrity of your digital infrastructure.