SIEW 2014: Cyber Security in the Energy Sector Must Be Improved
The energy sector is a likely target of cyber-attacks, due to its far-reaching impact and below-average cyber security capabilities, according to panellists speaking at the Cyber Security in the Energy Sector roundtable, hosted by Energy Studies Institute (ESI) at SIEW 2014. Read on to learn more about the industry’s current risks and potential security measures...
Panellists speaking at the Cyber Security in the Energy Sector roundtable (L-R) Vincent Loy, Roger Brunt, Dr Philip Andrews-Speed, Michael McGowan, and Ms Elina Noor.
By Lee Guo Rui
The energy sector is a likely target of cyber attacks, due to its far-reaching impact and below-average cyber security capabilities, according to panellists speaking at the Cyber Security in the Energy Sector roundtable, hosted by the Energy Studies Institute (ESI) at SIEW 2014.
The industry’s high number of data transactions, along with the increasingly integrated nature of the global business ecosystem, magnifies its exposure to cyber-attacks. At the same time, many energy companies’ cyber security capabilities remain substandard.
The estimated cost of global cybercrime detected this year is US$323 billion, according to Mr Vincent Loy, partner in Financial Services Technology Risk Leader, PricewaterhouseCoopers, UK. The number of security incidents, which has increased substantially by 48% over 2013, will continue to rise.
“Cyber attacks in the energy sector are very common, occurring almost 50% more than in other industries,” Loy said. He credited the industry’s significant impact on entire nations as a potential reason for its appeal to cyber attackers and hacktivists.
In addition to highlighting the risks, the panellists also discussed the risk assessment, security strategies, and security designs that could successfully enhance the energy sector’s defensive capabilities.
“Most organisations have cyber security threat identifications within their security framework,” said Mr. Michael McGowan, Principal Advisor at KPMG Singapore. “But when you start looking at how many organisations actually have a framework that allows them to defend and respond to cyber attacks, it is only one out of three.”
To offset these challenges, the panellists advised businesses to look at cybersecurity in a holistic way. This includes proactively preparing for potential attacks to increase response time and minimise impacts of attacks that do happen. Energy companies should also understand the risks associated with advanced technology and integrated supply chains, and protect their key assets accordingly.
About Singapore International Energy Week (www.siew.gov.sg)
The 7th annual SIEW 2014 is the foremost platform for top policymakers, energy practitioners and commentators to discuss energy issues, strategies and solutions. SIEW brings together a robust line-up of world's leading conferences, exhibitions, roundtables and networking events to provide insights and perspectives on the emerging trends and innovations across the energy spectrum of oil & gas, clean and renewable energy, and energy infrastructure financing – in one week, one location. Please visit www.siew.gov.sg for further information.