Executive Briefings

Have Oil, Gas Companies Done Enough to Guard Against Cybersecurity Risk?

Across industries, companies have been intensifying their focus on cybersecurity. This is a direct consequence of the expanding role that digitization is playing in their business and operating models and the demonstrated potential for significant damage resulting from a successful cyberattack.

Have Oil, Gas Companies Done Enough to Guard Against Cybersecurity Risk?

Indeed, CIO magazine's "2015 State of the CIO" survey revealed that chief information officers now spend roughly a third of their time on cybersecurity-related issues and consider cybersecurity one of their top-four priorities.

Concern about cybersecurity is particularly high at oil and gas companies, which face a far wider spectrum of threats - threats that are potentially more severe - than do companies in most other industries. Transactions in the oil and gas arena are broad in scope - the life cycle of a transaction can include sensitive information on such diverse topics as possible well sites and end-user consumption - so the companies are vulnerable at many different points. These companies are also subject to relatively large-scale threats, given the global nature of oil and gas production and distribution.

Furthermore, the industry faces threats that are activist (including attacks carried out by environmental groups), rather than purely commercial, in nature. These include threats that, if successful, could have severe effects not just on the industry but also on the environment, public health and safety, and even national security. 

Recognizing the severity of the situation, many oil and gas companies have taken significant measures to address their vulnerability. Have they done enough?

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Indeed, CIO magazine's "2015 State of the CIO" survey revealed that chief information officers now spend roughly a third of their time on cybersecurity-related issues and consider cybersecurity one of their top-four priorities.

Concern about cybersecurity is particularly high at oil and gas companies, which face a far wider spectrum of threats - threats that are potentially more severe - than do companies in most other industries. Transactions in the oil and gas arena are broad in scope - the life cycle of a transaction can include sensitive information on such diverse topics as possible well sites and end-user consumption - so the companies are vulnerable at many different points. These companies are also subject to relatively large-scale threats, given the global nature of oil and gas production and distribution.

Furthermore, the industry faces threats that are activist (including attacks carried out by environmental groups), rather than purely commercial, in nature. These include threats that, if successful, could have severe effects not just on the industry but also on the environment, public health and safety, and even national security. 

Recognizing the severity of the situation, many oil and gas companies have taken significant measures to address their vulnerability. Have they done enough?

Read Full Article

Have Oil, Gas Companies Done Enough to Guard Against Cybersecurity Risk?