Dubai: Cyber security is becoming increasingly important for the oil & gas sector following reports that cyber attack against the industry will cost $1.87 billion by 2018, according to a press release.
Oil, gas, and industry representatives gathered in Abu Dhabi on Tuesday at the 7th annual OT Summit discussing how to bridge the gap between the information and technology (IT) and oil and gas sectors.
Mike Mcconnell, Vice-Chairman of Booz Allen Hamilton and Former Director of National Intelligence, USA said at the summit that 29 per cent of security executives predict a spending increase in security hardware and software.
“When you combine the rapidly expanding digital landscape in the region with the increased adoption of mobile devices and the movement towards smart cities, there is a demand for organizations to put more funds towards mitigating the security risks associated with bring your own devices (BYOD),” he stated.
With future competitive advantages depending on technological innovation the oil and gas technology supply chain will increase the need for cyber risk management.
“The regional O&G companies need to focus on developing comprehensive security risk management plans tailored to the circumstances when entering high-risk environments,” Atif Kureishy, Principle at Booz Allen Hamilton Middle East and North Africa, stated.
