BAKU, Azerbaijan, July 30
By Leman Zeynalova – Trend:
The vulnerability of the oil and gas industry to cyber threats is fuelled by the growing digital centralisation of the sector, Trend reports with reference to Fitch Solutions.
‘Legacy O&G systems would rely mostly on decentralised systems based on fixed connections to manage operations in remote areas across the value chain. Having various systems across the asset base became inefficient as companies strived to become more automated. Over the last decade, we have seen key players incorporate more centralised systems, using Internet of Things (IoT) sensors across companies' assets, allowing for cost reduction and increased effectiveness of operations. One of the key examples of digitalisation is the so-called 'digital twin' technology that allows companies analysis of real time data fed by IoT sensors located in their upstream (onshore or offshore), midstream, or downstream assets,” reads the company report.
As the digitalisation journey accelerates, companies are incorporating more IoT connections that could be compromised more easily as compared to fixed connections. Though the data included in media reports vary, the number of IoT connections in the O&G industry has grown substantially over the past few years and is expected to continue the upward trend over the next five to 10 years. As a result, we now see elevated cybersecurity risks and potential for even more frequent attacks given the industry's growing connection vulnerability. The O&G industry is a prominent target due to the critical nature of its infrastructure. The sector has become increasingly aware of the risks it faces and has increased investment to meet the threat. O&G infrastructure is often critical for the normal operation of economies. Therefore, any data breaches that compromise the sustained operation of this infrastructure have the potential for a severe and widespread impact. This vulnerability is known to hacking groups and makes the O&G industry a prominent target.
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