The dependency of today’s digitised and interconnected global economies on the energy sector has made it an attractive target for cybercriminals.
Several recent high-profile cyber-attacks have been designed specifically to damage and disrupt critical infrastructure, so protecting providers of essential services is of paramount importance.
Common cyber security challenges in the energy sector include:
• Maintaining continuity of essential services and operations
• Reducing cyber risks across the energy supply chain
• Building cyber resilience into antiquated network infrastructure
• Managing risks posed by Internet of Things devices like smart meters
• Balancing continuous digitisation and interconnectivity with security
• Demonstrating security commitments in line with new NIS Regulations
• Preventing and eliminating ransomware attacks
The NIS Regulations are designed to raise the security and resilience of network and information systems across the EU. Operators of Essential Services (OESs) and Digital Service Providers (DSPs) are required to have appropriate security measures in place to manage cyber risk, protect critical systems, detect cyber events, minimise risk and maintain continuity. OESs will be regularly audited to ensure their compliance, with fines as high as £17 million for incidents resulting in significant economic disruption or threat to life.
Any organisation in the energy sector that processes personal data is also subject to the requirements of both the General Data Protection Regulation (GDPR) and Data Protection Act 2018 (DPA). To achieve compliance, organisations must continually assess data security risk and ensure that any personal data processed is protected against unauthorised processing, accidental loss or destruction. Non-compliance and failure to report breaches within 72 hours could lead to a huge GDPR fine.
€20 million or 4% of global turnover (whichever is greater)
The maximum GDPR penalty for a cyber security breach.
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Concerned about the impact of a Business Email Compromise (BEC) attack, a leading insurance broker sought the help of Redscan. Read our investigation and recommendations here.