Asia’s Oil and Gas Industry Rallies Against Cyber Threats

SINGAPORE - May 30, 2014 - PRLog -- As a reaction to the increasing volume, sophistication and impact of cyber-attacks against the oil and gas sector, technical experts from the major oil and gas operators are gathering for the first time to develop strategies to enhance cybersecurity at the inauguralCybersecurity for Oil, Gas and Petrochemicals Summit.

Recent events driving this industry action include the temporary shut-down of two oil rigs due to cyber-attacks, in addition to the now frequent occurrence of data leaks by multi-national corporations. Research by independent think tank The SINTEF Group emphasises that the sector is particularly vulnerable due to its reliance on SCADA systems which regulate the operation of industrial processes such as oil and gas production. According to Robert Chang, Head of Network Project at PETRONAS EP who is attending the Summit, “the impact caused by cybersecurity threats to plant IT systems and SCADA system is unusually high”.

New findings from consultancy firm PwC revealed that in 2013 the oil and gas industry detected on average 179% more security incidents compared to the previous year and average financial losses from successful cyber-attacks soared 470%. In response to these trends spending on cybersecurity solutions in the oil and gas sector increased an average of 32% in 2013 from the previous year and is predicted to continue rising. In total, ABI Research calculates that cybersecurity spending on the oil & gas critical infrastructure will reach $1.87 billion by 2018. This includes spending on IT networks, industrial control systems, data security, counter measures, policies and procedures.

To tackle this rapidly developing threat environment, cybersecurity experts from PETRONAS, Shell and ConocoPhillips, summit attendees will cover topics including preventing data leaks, countering advanced persistent threats and protecting SCADA systems. The Cybersecurity for Oil, Gas and Petrochemicals Summit will be held 12th – 13th August 2014, Kuala Lumpur, Malaysia.

Interested partners or participants can find out more by visiting http://www.cyberoilandgas.com.