Michela Menting, ABI
Research: Cyber-Attacks Against Oil & Gas Infrastructure to Drive $1.87B
Spend by 2018
January 30, 2013
a highly critical sector, the oil and gas infrastructure should be one
of the most secure, both physically and digitally. This is not the case.
A multi-billion dollar industry, trading one of the most valuable
commodities on the market, is connecting its industrial control systems
full of unpatched vulnerabilities to the Internet, where cybercriminals
roam in all impunity. These systems are poorly protected against cyber
threats – at best, they are secured with IT solutions which are
ill-adapted to legacy control systems such as SCADA.
“The lack of appropriate security has already allowed a number of
destructive cyber-attacks to lay waste to some of the most high-profile
companies in the industry,” says senior cybersecurity analyst Michela
Night Dragon to Shamoon, oil and gas
companies have been the victims of sophisticated cyber threats since
2009. Many of these attacks have caused significant financial damages –
and yet the industry is painstakingly slow in deploying proper
cybersecurity measures adapted to the infrastructure.” This lax approach
is not only careless, it can be dangerous. Illegal interception and
modification of commands to pipelines could cause massive environmental
disasters or even life-threatening situations. The terrorist threat is
just as real online as it is in the physical world.
as the number of cyber-attacks increase in the coming year, realization
of the financial implications of persistent cyber threats will boost
cybersecurity spending in this field during the forecasted period.
Spending is set to pick up considerably from 2014 onwards. ABI Research
calculates that cybersecurity spending on the oil & gas critical
infrastructure will reach $1.87 billion by 2018. This includes spending
on IT networks, industrial control systems and data security; counter
measures; and policies and procedures.
These findings are part of ABI Research’s Cyber Security and Smart Grids
Research Services which include Market Data, Research Reports, Insights,