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.