Most U.S. Oil and Gas Companies at Cyberattack Risk: Study

Most U.S. oil and gas companies are exposed to cyber breach risks, new research from cyber risk rating and monitoring firm BreachBits found on Tuesday.

Research and analysis of 98 upstream, midstream, downstream and supply chain companies in the U.S. oil and gas sector showed that the risk to the industry as a whole is medium, but not is not evenly distributed across the industry.

For example, a total of 94% of all ransomware threats were held by just 51% of companies in the study, BreachBits said. Other findings concluded that the larger the company, the greater the risk of a cyber breach. The risk increases for companies with more than $50 million in annual recurring revenue, and the risk increases significantly for companies with more than 250 employees.

The BreachBits study ranked 59% of businesses as medium risk for a cyber breach, 13% as low risk, and 28% as very low risk.

“On average, the oil and gas companies we observed were at medium risk, scoring 4.1 out of ten on our BreachRisk scale, but this risk was not evenly distributed across the industry,” the CEO said. and co-founder of BreachBits, John Lundgren. .

“Additionally, 11% of companies had potentially serious high-risk threats. We identify and monitor cyber risks on a large scale like we did here, detect issues, and then test them like a hacker would for our customers,” Lundgren added.

Globally, energy industry executives are bracing for an increase in cyberattacks over the next two years, a DNV study of 940 respondents from around the world showed in May.

According to the study, 84% of executives expect these attacks to cause physical damage to energy assets, while more than half (54%) expect cyberattacks to cause loss of life. Some 74% of respondents expect environmental damage as a result of a cyberattack.

By Charles Kennedy for Oilprice.com

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