Oil and gas firms own and operate large pieces of essential infrastructure that are important not only for commercial practices but also for the economic and military well-being of the country. Upstream, midstream, and downstream operations are critical targets for cyber-attacks by attackers with several agendas, from personal advantage to corporate spying to economic destruction. The global market for oil and gas industries also face strict cybersecurity regulations owing to the sensitive function of these structures.
There was a period when the systems that connected equipment and control systems for oilfield processes were physically separate from conventional IT networks. For field engineers, the rise of mobile technology and the advantages of data processing and analysis mean that everything is now linked to the internet. Upstream management and accounting systems are increasingly digitalized, leaving companies engaged in exploration and production (E&P) vulnerable to security issues linked to the network. The repercussions of a cyber-attack can be financial as well as reputational. When production is suspended, money is lost. If partners and suppliers lose trust in the stability of services, then it can become more challenging to sign new contracts in the future. And there could be fines imposed, based on leasing arrangements and contracts if the supply of oil and gas from a well or lease is interrupted.
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Oil and gas corporations are not only a huge and rising target for attackers, but the harm incurred by security breaches is greater than in most other industries. For each day of suspended activity, the oil and gas sector losses an annual average of USD 8.4 million. The estimated cost of recovery after an incident is almost USD 300,000 after services have resumed, and if sensitive data is leaked during the breach, the cost may be much greater. Not all losses from a cyber breach can be measured in dollars and cents. In specific, oil and gas industries are vulnerable to threats that may have adverse environmental effects. You can use free market research tools at GMD for further assessment of the business planning.
Large distances and deep waters make it expensive to set up a computer network on the Norwegian continental shelf for oil and gas installations. Sometimes, fiber-optic cables are used on the seabed, and those cables are prone to disruption and erosion from construction and fishing activity. Establishing redundant and fully autonomous network solutions is difficult. A loss of communication would lead to an instant breakdown of output from platforms that run from a shore-based location or adjacent platforms. This is also crucial for pipelines where, among other factors, the pressure and volume in the system must be controlled and tracked.
Many installations are built to have a lifespan of between 15 and 25 years on the Norwegian continental shelf, and a variety of these have been permitted to run for more. This means that a lot of the infrastructure and equipment is old and not very well equipped for the digital vulnerabilities of today. Digitization of the global market for oil and gas is constantly gaining momentum. The amount of data to be transferred is increasing and regular IT systems are gradually being combined with advanced control systems, and the Internet of Things is also contributing to more technologically vulnerable units. Therefore, the safeguarding of the oil and gas industry from all internal and external threats becomes a top priority.