Energy providers prime for cybercrime, says risk management group

Industrial control methods used by power and energy suppliers are such an easy target for cyber criminals, that it is more likely than not we will see hackers cause a major upset. That was the verdict from a study by  Marsh Risk Management entitled ‘Advanced Cyber Attacks on Global Energy Facilities’.

It claims that online control systems, which have become widely embraced and made to improve efficiency and reduce costs, have made energy providers a popular target of cybercrime.

The paper claims that this has caused the energy sector more than its fair share of attacks, with cyber criminals and hackers attempting to take advantage of a possible easy entry point

An excerpt from the report:

“Although the global energy sector has yet to experience physical damage to facilities or disruption to supply as a result of a cyber-related event – publicly, at least – the disproportionate rate at which it is targeted for cyber attacks makes it appear only a matter of time before this trend is broken.”

Marsh’s Global Energy Practice Chairman, Andrew George, said that persistence by hackers is a threat to the sector’s security.

Concerns about the vulnerability of controls in the energy sector have been a topic of concern recently, after the refusal of insurance companies to underwrite many of them for cyber attacks.

The only way to confront that threat is for businesses to have equally persistent IT security professionals on board. Permanent staff members are certainly needed but, when threats are more prevalent, additional support may be required, creating potential work for those seeking IT security contract jobs. If the sector follows the advice of the report, however, the energy sector will be no more vulnerable than any other.