September 11, 2017

Cyber Risk in the Energy Sector: Big Threats mean Big Challenges

The energy sector is undergoing a major digital transformation. In a drive to innovate and cultivate market share, onshore and offshore companies are making increased use of internet-connected systems, cyber infrastructure and digital technologies. This has reduced costs, improved efficiencies and streamlined operations; all boosting the potential bottom-line. With these benefits, the energy digital revolution is here to stay.

New Challenges

With changing industry comes new challenges, and for insurers, this means new risk. Of particular concern to the energy industry is the growing potential for cyber threats to manifest into physical damage, or damage to the surrounding environment. In 2012, Saudi Aramco’s computer system was crippled by the "Shamoon" virus, resulting in 85% of its hardware being destroyed.

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