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Research Outline
Prepared for Kshitij S. | Delivered July 18, 2019
Top 10 digital risks in energy industry
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Goals
Identify the top ten most likely digital risks in the energy industry in order to mitigate the risks and ensure that these risk mitigation efforts are on par with other companies in the energy sector.
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Early Findings
During our preliminary research we were only able to find one major digital threat to the global energy industry, the threat of cybersecurity.
Cybersecurity
The top digital risk in the global energy sector is the risk of
cybersecurity
, most notably being vulnerable to
c
y
b
e
r
attacks cause by "
h
a
c
t
i
v
i
s
t
s
" and/or "
adversaries that s
eek to obtain access to industrial control systems and create a disruptive event."
This risk is currently at a
medium likelihood
level, however, the probability of the risk is
increasing
as energy systems continue to become more digital.
A cybersecurity attack on a global energy company could
cause
the following: disruption in energy service, confidential data being leaked, and damage to the brand. Additional
issues
include financial theft, threats to life and safety, and regulatory consequences.
Energy companies are dealing with this risk by
increasing spending
on advancing
c
y
b
e
r
resilience, becoming involved in global
standards-setting
for cybersecurity, and deploying
new tools
to protect against
c
y
b
e
r
attacks.
Cybersecurity risks in the global energy industry can be further
broken down
into phishing attacks, "watering hole", credential theft, denial of service, and remote access
t
r
o
j
a
n
s
.
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