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Energy Industry Raises Cybersecurity Spending In 2023

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Global energy industry is upscaling its cybersecurity spending this year, as heightened geopolitical tensions and the accelerating adoption of digitally

To him, “and the two are connected – safety and security are enablers of the clean energy technologies that need to be deployed and operated at scale in the coming decades.”Despite increased awareness, maturity, and investment in cybersecurity, less than half 42 per cent of energy professionals say their organization is investing enough.

Most energy professionals 78 per cent say geopolitical uncertainty has made their organization more aware of the potential vulnerabilities in their OT as awareness grows about the potential for cyber criminals to cause operational shutdowns and disable safety systems. Energy professionals point to regulation as the factor that will most likely unlock increased budgets in their organizations, as cited by 49 per cent of energy professionals as a top-three driver. By contrast, the next most likely catalyst for increased spending is a cyber incident , cited by 38 per cent.

In the EU, for example, organisations providing essential services, including many in the energy sector, face tougher regulation in the form of the revised Directive on Security of Network and Information Systems , set to be transposed into national laws in 2024.

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