Top 10 digital risks in energy industry

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.

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 cyber attacks cause by "hactivists" and/or "adversaries that seek 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 cyber resilience, becoming involved in global standards-setting for cybersecurity, and deploying new tools to protect against cyber 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 trojans.

Proposed next steps:

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