Jun 01, 2023

The Need for Cyber Security in the Oil and Gas Industry

  • By Luvenia,

Every organization has a touch of technology, making it vulnerable to threats. So, it is not surprising that cyberattacks are prominent in big industries like oil and gas that can damage operations and workflow.
There are different points within the internal network, such as applications, mobile devices, cloud services, and technological infrastructure. The IoT in industries has significantly improved performance and helped reduce cost.
Some loopholes can damage the entire system in such a tightly bound network. This makes it mandatory for such industries to look after cyber security. Let us find out how cyber security has a role in the oil and gas industry.
Cyber Threats to the Oil and Gas Industry
With growing digitization, the entire process moves away from a centralized system. This has made the system prone to risks related to cyber security, and it becomes more important to protect it.
Weak cyber security systems like computer-based work away from fieldwork may be prone to cyber-attacks. Such weak security systems can be easily hacked and exploited.
While this may not disrupt the system in one go, it will slowly weaken the entire network. With every cyberattack, the operation is affected and slowly degrades with time.
Data management and data science have played a significant role in combining innovation with every industry. This has made use of intelligent devices in fieldwork very common. Intelligent devices are mainly used for collecting real-time data and segregating it for the company’s benefit.
Such devices are prone to get hacked very quickly. With every device added, the scope of cyber threats increases, and the company network becomes weaker.
The investment in merging IoT with the oil and gas industry is growing, but not enough investment is allotted to securing the network of these devices. Having such an extensive network, the oil and gas industry also consists of several points where a security breach can occur.
The next section of this article includes strategies for ensuring cyber security in the oil and gas industry.
How Can Oil and Gas Industry Ensure Secured Cyber Networks?
A cyber network connects each domain in the oil and gas industry, and specific strategies for each department will help regain the momentum. However, some common points can be worked upon, and cyber security can be strengthened.
Below are some essential points to make cyber defenses stronger and avoid cyberattacks in the future.
Broad Strategies for Cybersecurity
There is no single point that can be picked up for ensuring cyber security. A broad strategy must be incorporated during the digital transformation of the company. Risky operations can get protection on priority, and the cyber network can slowly be strengthened over time.
Consistent evolution of the techniques and revising the policies in the presence of all the stakeholders will develop a more vital organization. It is necessary to trace back the methodologies and assess the working principles at all stages.
Designing the Structure with Security
The governance of the oil and gas industry should prioritize cybersecurity above everything else. This eliminates all the potential risks for cyberattacks at every system step.
Security experts and consultants can help companies build their networks carefully. Every department must analyze the potential risks they might face and give their insights accordingly.
Fund Allocation for Cyber-Resilience
While allocating the funds to different departments and processes, it is essential to consider cyberattacks. The risk management approach includes creating standard documents, contracts, agreements, and protocols associated with experts.
This approach must be used to seek funds for the cyber-resilience program. This entire process will focus on securing the company’s technology stack without compromising workflow quality or the outcome.
Collaborative Efforts toward the Betterment
Several experts in the industry are well-versed in cyber security. Experts must come forward and discuss the best practices to avoid cyber threats to the company.
By collaborating and gathering insights from multiple business partners. Newer approaches and effective strategies can be developed by brainstorming as a team. People must share their experiences and the benefits of adopting simple strategies in their business.
Special Focus on Documentation
With continuous research in the oil and gas industry, securing documentation through cloud computing becomes essential. There are plenty of non-disclosure agreements.
It is essential to secure these documents and file patents, if applicable, for the new research or methodologies. A lot of innovation and operation is hacked because of a breach of the non-disclosure agreement.
This can be provided by giving minimal access to the data and tracking how the data is being used at different stages by different people.
Making Oil and Gas Industry Cyber Threat-Ready
The oil and gas industry is one of the ever-evolving industries that will never lose its importance. Protecting the data is much less than the cost one has to pay to secure or recover the damage.
With effective practices and standardized principles, any cyber threat can be avoided. It takes one focused approach toward building secure systems. It is indeed a tedious process and a one-time investment that will be safe in the long run.
Like every industry, oil and gas also have tiers based on which the cybercriminals work. The most crucial tier can receive maximum security and tight network protection to avoid information leakage.
One cannot anticipate the attack, but one can calculate what could go wrong with the system. This industry is one of the significant factors that play a role in enhancing a nation’s GDP.
A single loose end can affect most work and cause lag in the entire system. The company and board members’ responsibility is to ensure that cyber security is fully encrypted. These assets must get the maximum security they deserve.
Also Read: Rising technology trends in oil and gas industry

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