Every industry has embraced digitisation and the oil & gas industry is no different. Due to the rising incidence rates of cyberattacks and phishing, companies are increasingly giving cybersecurity the urgent attention it deserves. Organizations have now shifted from a reactive towards a proactive approach to cybersecurity as next-gen technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT) have increased the likelihood of cybersecurity breaches. To nip cybersecurity threats in the bud, several oil & gas companies are looking at the oil and gas cybersecurity market.
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Safety Concerns Override Pricing Constraints in Oil and Gas Cybersecurity Market
Cybersecurity products are expensive to install, which makes it challenging to convince smaller O&G companies to invest in them. Declining prices of natural gas and crude oil have further squeezed profitability in the industry. Nonetheless, it is anticipated that safety concerns around safeguarding confidential data should augur well for stakeholders in the oil and gas cybersecurity market.
Developed Nations Bear the Brunt of Cyberattacks in the Oil and Gas Cybersecurity Market
North America and Europe are the most lucrative regions in the oil and gas cybersecurity market as they are at the forefront of cybersecurity awareness and have the willingness and capacity to adopt the latest technology. Countries such as the US, Japan, and Germany suffered losses to the tune of hundreds of billions of dollars in cybercrime in 2020. In 2012, the world’s worst cybercrime hit Saudi Aramco where all of their computer systems were wiped clean in one hour, putting global oil supply in a precarious position. Five years later, a joint venture between Dow Chemicals and Saudi Aramco suffered a similar blow. In 2014, the data of 50 oil companies in Norway was hacked with another 250 being threatened of dire consequences.
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Hacking Upstream Data Can Lead to Dissolved Bids in Oil and Gas Cybersecurity Market
Cybercrimes are being recorded at an alarming rate in downstream, midstream, and upstream operations in the O&G industry. The upstream data most targeted by hackers pertains to the most productive oilfields and their physical parameters including field surveys, contract parameters. Hacked bids can result in manipulated numbers and terminated contracts. The vast majority of hacking attacks are conducted by Chinese and Russia hackers and pose a significant risk to the quality of O&G products. Distributed control systems, field devices, Open Platform Communications (OPC) servers, and supervisory control and data acquisition systems are especially vulnerable to cyberattacks and require the highest grade of cybersecurity.
Company Joint Ventures Key to Consolidate Position in Oil and Gas Cybersecurity Market
In 2021, Saudi Aramco entered into an agreement with KPMG International to assess cybersecurity compliance in its third-party suppliers. In 2020, Parsons Corp. acquired Braxton Science & Technology Group, strengthening its competitive position in the oil & gas cybersecurity market. Other companies profiled in this report on the oil and gas cybersecurity market include Microsoft Corporation, Symantec Corporation, CISCO Systems, Inc., Intel Corporation, SAP SE, Honeywell Corporation Inc., GE, DXC Technology Company, Siemens AG, and Ernst & Young Global Limited (EY).
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