Threat exploration: A snapshot of the cyber risks in GCC’s oil and gas sector – ITP.net

Threat exploration: A snapshot of the cyber risks in GCC’s oil and gas sector – ITP.net

The Oil and Natural Gas (ONG) sector continues to be an attractive target for cybercriminals seeking to exploit industrial control systems (ICS) environments. Last year, Colonial Pipeline – one of the largest oil pipeline operators in the United States, made headlines when a ransomware attack hit it. The breach impacted the company’s digital systems, shutting them down for several days.

As Colonial Pipeline provides around 45 percent of fuel supply to the US East Coast, the attack resulted in unprecedented disruptions in the country. The hack was then deemed a national security threat, impacting consumers, airlines, and mass transportation.

This is only one example of how a successful cyber-attack could compromise critical infrastructure and services or cause widespread harm. Over the years, cybersecurity has emerged as a significant challenge for the commodities industries and markets, with increasingly sophisticated adversaries seeking to steal data and impede the flow of resources.