Oct 02 2015

The Cybersecurity Solutions Energy Providers Trust

The energy and utility industries are devoting more money to information security solutions aimed at mitigating the risk of complex breaches.

As sophisticated cyberattacks become more pervasive, energy and utility companies are finding a need for security solutions that can keep up with the threats. After all, intellectual property and corporate reputations aren’t the only things on the line; critical infrastructure has become a high-priority target for cyberattackers.

The world saw the impact of one such attack in 2010, when the Stuxnet worm damaged centrifuges in an Iranian nuclear enrichment facility. Since then, attacks on infrastructure have only increased.

These incidents highlight the need for increased cybersecurity within the oil, gas, power and utilities sectors. Check out the data below to learn how companies are responding to today’s threats.

1. How much money is going toward information security?

Information Security

For oil and gas companies, information security budgets increased 14 percent from 2013 to 2014. Power and utility companies also pumped more money into security, with an increase of more than 8 percent.

2. How are energy providers combating insider abuse?

Insider Abuse

Insider threats are real for oil, gas, power and utility companies. More than two-thirds of security breaches can be traced back to current or former employees.

3. How common are the security incidents that companies face?

Security Incidents

The Energy Department further reported that “cyber-threats to energy systems are growing and evolving.”

4. What are energy providers doing to increase their security awareness?

Security Awareness

With cyberattacks increasing in frequency and severity, IT professionals need to acquire a complete picture of security incidents in order to respond effectively.

5. How are system administrators staying on top of patches?

System Administrators

Many patch management tools go beyond acquiring, testing and installing patches; they scan systems for vulnerabilities, helping energy providers get ahead of cyberattackers.

To learn more about how cyberattackers are costing energy and utility companies millions, read the BizTech article “The Dangers of Inadequate Cybersecurity.”