A new study has revealed an increased need for cyber risk management in the oil and gas industry, in a study which examined six long and short term trends within the sector.

According to the study from Booze Allen Hamilton, the technology supply chain will increase the need for cyber risk management as dependency upon third party vendors increases. The prediction is that cyber risk management will become more customised, with a focus on the development of unique approaches to minimise the impact of attempted cyber-attacks and protect valuable assets and sensitive information. In turn, companies will increasingly depend on technological innovation to stay ahead of the competition, and maintaining the balance between cyber risk management and regulation will become a much higher priority over the next few years.

Eric Doyle, Regional Director – Europe at Aquaterra Energy said:  “It is predicted that network attacks against oil and gas firms will cost up to $1.87 billion by 2018 and companies such as ours, which operate internationally, must be prepared to utilise customised risk management plans and take unique approaches to network security.

“A worrying trend for the oil and gas sector is the growing knowledge gap in network security due to its ageing workforce, meaning oil and gas leaders need to invest in new staff with expertise in the area.

“Being at the forefront of offshore technological innovation, we are acutely aware of the potential risks to our business and, like others in the industry, are investing in network and business strategies to ensure the company remains highly attuned to the risk of cyber-attacks, so that it remains secure as well as innovative.”