These three points are a chilling reminder that cyberattacks are the biggest threat facing the business world today — ahead of terrorism, asset bubbles, and other risks. The increasing scale, complexity, and frequency of cyberattacks mean that organizations should prioritize being in a position where they are equipped and ready for the worst. Many industries are moving towards greater online connectivity, including the power and utilities sector, and the nature of threats is becoming more sophisticated and severe. Actors are increasingly organized, sophisticated, and devious, ranging from threats from hacktivists, to networks of organized crime, and nation states.
Cyberattacks on the energy sector, in particular the electricity infrastructure, would cause devastating, potentially catastrophic financial and human losses, and have drastic consequences for the private and public sectors. In the USA, the Departments of Energy and Homeland Security have cautioned that their electricity infrastructure "faces imminent danger" from cyberattacks. Building robust cyber resilience is therefore critical.
In September 2018 Oliver Wyman’s North America Cyber Lead, Paul Mee, and Matt McCabe, Assistant General Counsel on Cyber Policy, Marsh, presented at the United States Energy Association in Washington. They called upon their experiences within the energy sector to show how firms can prevent, protect against, mitigate, respond to, and recover from cyberattacks. Watch our video below to find out more about ways to build cyber resilience within the energy sector.