Cyber security to remain priority for Gulf oil firms in 2018

Cyber security will remain a top priority for Gulf oil and gas companies in 2018 as firms study ways to avoid substantial costs and heightened risk involved in case of a security breach, technology firm Siemens said in a recent report.

According to Siemens, the financial impact of cyberattacks on the Gulf energy industry in 2017 is estimated to be more than $1 billion.

“In addition to these financial costs, OT (operational technology) cyber-attacks raise significant health, safety and environmental risks to the industry,” the report said.

“We have already seen sophisticated cyber-attacks targeting oil and gas organizations (Aramco in 2012) and OT specifically (Triton in 2017),” it added.

Despite the heightened awareness, cyber security breaches in the Middle East remain widespread and frequently undetected, with 30 percent of the region’s attacks targeting OT, according to the study conducted in collaboration with Ponemon Institute.

The study revealed that while firms have begun to invest in protecting their assets from cyber threats, more needs to be done to increase awareness and the deployment rate of technology.

Meanwhile, a separate analysis by Bloomberg Intelligence has found that the UAE leads the way in terms of technology investment.

Last year, Dubai launched a cyber-security strategy with a focus on areas such as enhancing awareness in public and private sectors, research and development (R&D), data privacy and business continuity.

“The UAE is also changing the way it invests to drive technology adoption by sponsoring and incubating start-ups through free trade zones; it has invested in blockchain to manage oil and refined product movements within Fujairah Oil Industry Zone, providing security and audit trails through the use of smart contracts,” Bloomberg Intelligence said in a statement on Monday.