Search DubaiPRNetwork.com

Home >> Technology

Marsh Warns Cyber Storm Looms Over Global Energy Industry

Tuesday, March 6, 2018/ Editor -  

Share

Home >> Technology
Business Interruption Cited as Top Cyber Threat in Survey
 
Dubai, 6 March, 2018 –   According to Marsh, a global leader in insurance broking and innovative risk management solutions, energy executives are increasingly concerned about the impact of cyber-attacks on their operations. Over three-quarters (76%) of respondents to a Marsh survey cited business interruption (BI) as the most concerning consequence of a cyber-attack for the energy industry. 
 
Marsh’s report, Could Energy Industry Dynamics Be Creating an Impending Cyber Storm?, is released today at Marsh’s bi-annual Energy Industry Conference in Dubai. The report, which draws on findings from the Marsh-Microsoft Global Cyber Risk Perception Survey, looks at the most concerning cyber loss scenarios for energy executives, the industry’s understanding of cyber exposures, and how organisations plan to manage these risks in the future.
 
Key findings of the report include:
  • 76% of energy executives cited BI as the most impactful cyber loss scenario for their organisation, highlighting not only the growing threat cyber risk presents for the energy industry, but also the heightened risk any BI event could have on production and revenues.
  • Despite more than half of energy executives naming cyber as a top-five risk, 54% of energy executives have not quantified or did not know what their worst possible loss exposures could be.
  • 26% of energy executives surveyed said they were aware that their company had been victim to a successful cyber-attack in the past 12 months.
  • The energy industry plans to invest more in cyber risk management, with 77% of energy executives surveyed saying their organisations will increase levels of investment in cyber risk management, while 26% plan to purchase or increase their cyber insurance.
Andrew Herring, Energy and Power Practice Leader, Europe, the Middle East and Africa, Marsh, commented: “As the energy industry relies more on interconnectivity as a result of greater digitalisation, the potential for cyber-attacks to cause severe disruption to operations, loss of data, and, consequently, high financial losses, should be a key concern for energy executives. 
 
“While it is encouraging that three-quarters of respondents plan more investment in cyber risk management, it is worrying that over half questioned have yet to quantify their exposures. For those firms that have not put plans in place to mitigate and manage attacks or have not measured their cyber exposure, now is the time to take steps to be prepared for the impact an attack could have on their operations and systems.” 

Previous in Technology

Next in Technology


Home >> Technology Section

Latest Press Release

Astrophysicists Measure Precise Rotation Pattern of Sun-like Stars for the First ...

Huawei Deepens Cooperation with Duisburg to Transform Germany's Industrial Hear ...

IYNC and the UAE Discuss the Way Forward for Global Nuclear Energy at IAEA Gener ...

High-octane inaugural Socca Football World Cup kicks off on September 23 in Lisb ...

Eberhard & Co. Scafograf 100 For Elegant Lady

The Mummies of Dubai Give Their Kids a Preppy Style Makeover

75 percent more speed and 58 percent more efficiency in Huawei's upcoming Mate 2 ...

du Wins Smart Cities Award at the Telecoms World Middle East 2018

Turkish Airlines reached the highest monthly Load Factor in August with 85.6% LF ...

O Boticário Opens in Dubai its First Amphora Store outside Brazil Come Join ...

Dubai Parks and Resorts Celebrates Saudi National Day

Gulf Centre for Aviation Studies hosts development course for students

FOREO To Attend TFWA: the World's Largest Travel Retail Show

Etihad Airways Deepens Ties Between Uae and Saudi Arabia to Mark National Day

Ericsson showcased SMME innovation at ITU Telecom World 2018

DigiCert, Gemalto and ISARA Partner to Ensure a Secure Future for the Internet o ...

Ministry of Human Resources and Emiratisation, Huawei and Honor launch ICT Compe ...

School children wish their favourite Unimoni Asia Cup 2018 teams good luck

Huawei MEC Solution Wins "The Best Edge Computing Technology for 5G Evoluti ...

Emirati graduate from CUD invents device to help asthma patients breathe clean a ...