Cybersecurity continues to be a critical concern across industries, including the energy sector. As more infrastructure and processes become digitized, the risk of cyber attacks targeting the energy industry is on the rise. In this blog post, we will explore key statistics and trends related to cybersecurity in the energy industry, shedding light on the challenges and opportunities facing this essential sector.
The Latest Cybersecurity In The Energy Industry Statistics Explained
By 2025, Cybersecurity spending in the energy sector is projected to reach $14.03 billion.
The statistic suggests that by 2025, the energy sector is expected to significantly increase its investment in cybersecurity, with spending reaching a projected $14.03 billion. This indicates a growing recognition within the industry of the importance of protecting critical infrastructure and data against cyber threats. The substantial allocation of resources towards cybersecurity reflects the sector’s proactive approach in addressing potential risks and vulnerabilities that could impact operations, safety, and data integrity. This statistic underscores the increasing priority placed on cybersecurity in the energy sector to safeguard sensitive information, prevent cyber attacks, and ensure the resilience of systems and networks in light of evolving digital threats.
70% of energy companies experienced a major cybersecurity breach in the last year.
The statistic ‘70% of energy companies experienced a major cybersecurity breach in the last year’ indicates a significant prevalence of cybersecurity incidents within the energy sector. This high percentage suggests that a vast majority of energy companies have encountered substantial security breaches, potentially leading to serious consequences such as data theft, service disruption, and financial losses. The finding highlights the urgent need for energy companies to strengthen their cybersecurity measures and invest in robust defenses to protect their critical infrastructure and assets from cyber threats. It also underscores the importance of continuous monitoring, threat detection, and response strategies in mitigating the risks associated with cyber attacks in the energy industry.
58% of energy companies agree that a potential cyber attack is a ‘core business risk’.
The statistic indicates that the majority, specifically 58%, of energy companies acknowledge the threat posed by potential cyber attacks and consider them to be a fundamental risk to their business operations. This suggests that energy companies are aware of the increasing frequency and sophistication of cyber threats targeting the industry, which could result in financial losses, reputational damage, and disruptions to critical infrastructure. By recognizing cyber attacks as a core business risk, these energy companies may be motivated to invest in cybersecurity measures to safeguard their systems, data, and operations from potential threats in order to mitigate the potential impact of cyber attacks on their business.
Only 32% of energy companies have a clearly defined cybersecurity strategy.
The statistic reveals that a relatively low percentage, specifically 32%, of energy companies have a clearly defined cybersecurity strategy in place. This suggests that a significant portion of energy companies may be vulnerable to cyber threats and attacks due to the lack of a structured and proactive approach to protecting their digital assets. Without a clearly defined cybersecurity strategy, these companies may be at a higher risk of experiencing security breaches, data theft, or other malicious activities that could have severe consequences on their operations, reputation, and overall cybersecurity posture. It underscores the importance of prioritizing cybersecurity measures within the energy industry to mitigate potential risks and safeguard critical infrastructure and systems.
60% of companies have experienced spear-phishing attacks in their organization.
This statistic suggests that a substantial majority of companies, specifically 60%, have fallen victim to spear-phishing attacks within their organization. Spear-phishing is a targeted form of phishing where attackers tailor their messages to trick specific individuals into revealing sensitive information or taking unauthorized actions. The high incidence of spear-phishing attacks highlights the pervasive threat that organizations face in terms of cybersecurity risks and underscores the importance of implementing robust security measures, employee training, and proactive strategies to mitigate the potential impact of such attacks on business operations and data security.
68% of energy companies suffered a public breach in the last 12 months.
The statistic ‘68% of energy companies suffered a public breach in the last 12 months’ indicates that a significant proportion of energy companies experienced a security breach that was exposed to the public eye within the past year. This statistic highlights the prevalence and serious nature of cybersecurity threats within the energy sector, which can have far-reaching consequences including compromised sensitive data, financial losses, and damage to the company’s reputation. The high percentage suggests that energy companies need to prioritize robust cybersecurity measures to protect their systems and data from potential breaches in the future.
The number of reported cyber incidents in the energy sector increased by 25% from 2016 to 2018.
The statistic “The number of reported cyber incidents in the energy sector increased by 25% from 2016 to 2018” indicates that there has been a significant uptick in the frequency of cybersecurity breaches affecting the energy industry over the two-year period. This suggests a rising trend of cyber threats targeting energy companies and infrastructure during this time frame. A 25% increase signals a substantial rise in the number of incidents reported, highlighting the heightened vulnerabilities and potential risks faced by the energy sector in terms of cybersecurity. This statistic underscores the need for enhanced cybersecurity measures and strategies within the energy industry to mitigate these threats and protect critical infrastructure from cyber attacks.
More than 75% of these energy companies experienced interruptions in operations due to cyber attacks.
This statistic indicates that a large majority, specifically over 75%, of energy companies included in the study or survey faced operational disruptions as a result of cyber attacks. This implies a significant vulnerability within the energy sector, as the majority of companies have had their operations impacted by cyber threats. Such interruptions can lead to financial losses, compromised data security, and potential risks to the overall stability of the energy infrastructure. The high prevalence of cyber attacks highlights the importance of implementing robust cybersecurity measures within energy companies to mitigate the potential negative impacts of such incidents on their operations and the broader energy sector.
88% of oil and gas cybersecurity professionals believe their organization can adequately respond to a cyber incident.
The statistic that 88% of oil and gas cybersecurity professionals believe their organizations can adequately respond to a cyber incident indicates a high level of confidence among professionals in the industry regarding their organization’s cybersecurity preparedness. This suggests that a significant majority of professionals working in this sector feel reassured about their company’s ability to effectively handle and respond to cyber threats and incidents. Such confidence is crucial in the oil and gas industry, where the potential impact of cyber attacks can be particularly severe due to the critical infrastructure and sensitive information involved. This statistic underscores the importance of ongoing vigilance, preparedness, and investment in cybersecurity measures to mitigate risks and ensure the resilience of oil and gas operations in the face of evolving cyber threats.
The average cost of a data breach to an energy company was $6.39 million in 2019.
The statistic “The average cost of a data breach to an energy company was $6.39 million in 2019” represents the financial impact that data breaches had on energy companies during that year. This figure reflects the average financial burden incurred by energy companies due to costs associated with investigating and resolving the breach, potential legal fees, regulatory fines, customer compensation, and reputational damage. Data breaches in the energy sector can have serious consequences, not only in terms of monetary losses but also in disrupting operations, compromising sensitive information, and undermining customer trust. The substantial nature of this average cost underscores the importance for energy companies to invest in robust cybersecurity measures to mitigate the risk of data breaches and protect their assets and stakeholders.
The energy sector is the third most attacked industry.
The statistic “The energy sector is the third most attacked industry” implies that, among various industries, the energy sector ranks third in terms of the frequency and severity of cyber attacks sustained by companies within that sector. This indicates that energy companies face significant cybersecurity risks and are vulnerable to various forms of cyber threats, ranging from data breaches to malware attacks. As a result, it is crucial for companies operating within the energy sector to prioritize cybersecurity measures and invest in robust defenses to protect their critical infrastructure, sensitive information, and overall operational integrity from cyber threats.
Data breaches in the energy sector take an average of 197 days to identify.
The statistic “Data breaches in the energy sector take an average of 197 days to identify” refers to the average amount of time it takes for data breaches within the energy industry to be detected. This means that from the initial compromise of security to the point at which the breach is discovered, there is a median delay of 197 days. This lengthy identification period is concerning because it allows cyber attackers to potentially have prolonged access to sensitive information, increasing the risks of data theft and potential damage to critical infrastructure systems. It underscores the importance of improving cybersecurity measures and response protocols within the energy sector to reduce the impact and duration of such breaches.
Nearly half (49%) of tenure business leaders consider the energy sector most at risk of future cyber threats.
The statistic reveals that almost half, specifically 49%, of tenure business leaders believe that the energy sector is the most vulnerable to future cyber threats. This finding suggests a high level of concern among these business leaders regarding the potential for cyber attacks within the energy industry. The perception of increased risk in the energy sector may be driven by the sector’s critical role in infrastructure and the potential for disruptive consequences of cyber incidents. This statistic highlights the importance of cybersecurity measures and preparedness within the energy sector to mitigate the risks associated with cyber threats.
It’s projected that the energy and utility cybersecurity market will grow at a CAGR of 11.2% between 2020-2026.
This statistic suggests that the energy and utility cybersecurity market is expected to experience substantial growth over the period from 2020 to 2026. The Compound Annual Growth Rate (CAGR) of 11.2% indicates the average annual growth rate of this market during this time frame. This projection implies that the demand for cybersecurity solutions within the energy and utility sector is expected to increase significantly, likely driven by factors such as the growing reliance on digital technologies, increasing cyber threats, and regulatory requirements. This growth rate highlights a potential opportunity for companies operating in this market to capitalize on the increasing need for cybersecurity services and products within the energy and utility industry.
Only 44% of oil and gas companies have tested their incident response capabilities.
The statistic that only 44% of oil and gas companies have tested their incident response capabilities indicates a concerning lack of preparedness within the industry. Incident response testing is a critical aspect of ensuring that organizations are equipped to effectively respond to and recover from potential security breaches, emergencies, or disasters. The fact that a significant portion of oil and gas companies have not conducted such testing suggests a potential vulnerability to operational disruptions, financial losses, and reputational damage in the event of an incident. It highlights the urgent need for these companies to prioritize and invest in testing and enhancing their incident response plans to mitigate risks and ensure business continuity.
Employees at energy companies clicked on phishing links 24% of the time.
This statistic indicates that 24% of employees working at energy companies fell victim to clicking on phishing links. Phishing is a common cyber attack method where malicious actors send deceptive emails or messages in an attempt to trick individuals into revealing sensitive information. In this case, the fact that employees clicked on phishing links 24% of the time suggests a relatively high susceptibility to such attacks within energy companies. This statistic highlights a potential cybersecurity vulnerability that energy companies may need to address through increased employee training, implementing stronger security measures, and improving overall awareness about phishing threats to protect sensitive information and prevent potential data breaches.
The percentage of energy companies with a Chief Information Security Officer has grown from 21% in 2016 to 45% in 2019.
The statistic indicates the increase in the proportion of energy companies that have a Chief Information Security Officer (CISO) between the years 2016 and 2019. Specifically, the percentage of energy companies with a CISO has more than doubled, rising from 21% in 2016 to 45% in 2019. This significant growth suggests a growing recognition within the energy sector of the importance of cybersecurity and the need to have dedicated leadership focused on managing information security risks. The rise in the presence of CISOs may be attributed to increasing cyber threats and regulatory requirements, leading companies to prioritize and invest in cybersecurity measures to protect their data, assets, and operations.
Cybersecurity attacks cause an average of 12.5 hours of system downtime in the energy industry.
The statistic “Cybersecurity attacks cause an average of 12.5 hours of system downtime in the energy industry” indicates that on average, when cybersecurity attacks occur in the energy sector, it results in approximately 12.5 hours of system downtime. This means that the operations of energy companies, such as power plants and utility providers, are disrupted for a significant period of time due to cyberattacks, leading to potential financial losses, compromised services, and potential risks to public safety. Understanding the average duration of downtime caused by such attacks can help organizations in the energy industry assess their cybersecurity measures, enhance their resilience, and develop effective strategies to mitigate the impact of cyber threats on their operations.
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