Six cybersecurity issues for oil and gas companies

While organizations continue to prioritize cybersecurity — and are making good progress in identifying and resolving vulnerabilities — they are more worried than ever about the breadth and complexity of the threat landscape.

Our Global Information Security Survey investigates the most important cybersecurity issues facing organizations today. It captures the responses of nearly 1,200 participants around the globe from over 20 industries. We base our findings and conclusions on those insights and our extensive global experience of working with clients to help them improve their cybersecurity programs.

The following findings are from the 40 participants from the oil and gas (O&G) sector.

1. Employee awareness remains important
78% consider a careless member of staff as the most likely source of an attack.
43% of significant cyber breaches were from a lack of end user awareness, exploited via phishing.

2. Information security needs board-level attention
87% have not fully considered the information security implications of their current strategy and plans.
46% feel the whole board is knowledgeable about information security.

3. The risk to reputation is rising
60% have had a recent significant cybersecurity incident.
15% have a robust incident response program and regularly conduct table-top exercises.

4. A skilled cyber workforce is essential to keep pace with evolving threats
50% say the lack of skilled resources is challenging information security’s contribution and value to the organization.
95% say their cybersecurity function does not fully meet their organization’s needs.

5. Challenges are on the rise with the Internet of Things (IoT)
17% feel it is very likely that they would detect a sophisticated cyber attack.
48% say it will be challenging to ensure that the implemented security controls are meeting the requirements of today.

6. The financial impact of breaches is not fully examined
97% of the organizations’ information security reports do not evaluate financial impact of every significant breach.
63% would not increase their cybersecurity spending after experiencing a breach that did not appear to do any harm.

Cybersecurity regained: building defenses that are fit for purpose

Sustained low oil prices are driving the adoption of digitization across the oil and gas industry, ramping up the stakes for cybersecurity.

Responses to cyber attacks must be multilayered, repelling the most common attacks, with a nuanced approach for advanced and emerging threat vectors. To protect critical information, an organization must not only address the security of the traditional IT and OT environments, it must also deal with the added complexities from the IoT, while also integrating innovative digital business process disruptors, such as robotic process automation, blockchain and artificial intelligence. Never before has it been so important to ensure that security efforts are integrated into every facet of an organizations operations. We call this “cyber fusion.”

Defending against common attack methods means point solutions remain a key element of cybersecurity resilience, with tools including antivirus software, intruder detection and protection systems (IDS and IPS), consistent patch management and encryption technologies to protect the integrity of data, even if an attacker does gain access to it.

Employee awareness is also a crucial frontline defense, building cybersecurity consciousness and password discipline to protect against the relentless malware and phishing campaigns.

Defending against advanced attacks means accepting that attackers will get in and being able to identify intrusions quickly. A Security Operations Center (SOC) that sits at the heart of the organization’s cyber threat detection and response capability is an excellent starting point, providing a centralized, structured and coordinating hub for all cybersecurity activities. SOCs are increasingly moving beyond passive cybersecurity practices into active defense — a deliberately planned and continuously executed campaign that aims to identify and remove hidden attackers and defeat likely threat scenarios targeting the organization’s most critical assets.

Defending against emerging attacks, such as the rise in cyber-physical threats, means recognizing that some threats will be unknown, especially in the oil and gas sector, where many are still in the early stages of their digital transformation journeys. Organizations need to build agility into their cybersecurity practices and approaches so that they are able to react quickly when the time comes. Organizations with good governance processes underlying their operational cyber fusion approach are able to practice security-by-design — building systems and processes able to respond to unexpected risks and emerging dangers.

Source: Ey