The Shifting Security Landscape: Building Cyber-Resilience for Energy Companies

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Abstract

This IDC Presentation examines the shifting security landscape and how energy companies in Asia can build cyber-resilience. Malicious attacks, including advanced wiper malware and ransomware, such as CaddyWiper and CLOP, have become increasingly sophisticated and disruptive. These attacks are often orchestrated by well-organized hacker groups that operate within an underground cyber economy that is easily accessible through dark web forums. Energy companies that are operating critical infrastructure are compelled to be vigilant of their security measures and implement robust safeguards for heightened protection and cyber-resilience.

"Energy companies have made cybersecurity a high priority and are having discussions at the highest level about their security posture in light of recent high-profile ransomware attacks and the sudden rise of wiper variants. Chief information security officers (CISOs) are being asked to report to the board of directors on their current security and data practices and response procedures. Assigning senior executives with specific metrics on cybersecurity performance is essential. Nearly a third of energy companies in Asia have not yet started implementing their cyber-readiness and defense plans, leaving them vulnerable to hacker groups and nation-state attacks. More needs to be done to ensure energy companies build cyber-resilience and minimize exposure as the cost of inaction can be severe. To expedite the process, they can partner with managed SPs that can design a more comprehensive strategy and provide deeper insights and a greater contextualization of data," says Rakesh Patni, associate research director, IDC Energy Insights, Asia/Pacific.

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