The global cost of cybercrime is expected to reach $10.5 trillion a year by 2025; the threat of infrastructure breakdown due to a cyberattack is the top personal concern for cyber leaders
For the first time, leading oil and gas stakeholders are calling for the industry to come together to stop harmful cyberattacks. The action is in response to major security breaches in the past two years that have highlighted the vulnerability of critical infrastructure. At the World Economic Forum Annual Meeting 2022, 18 companies have come together to take a Cyber Resilience Pledge, recognising that much more collective preparedness is needed.
The pledge aims to mobilise global commitment toward strengthening cyber resilience across industry ecosystems. Organisations endorsing the pledge commit to collaborating and taking collective action on cyber resilience. Launched with the support of organisations engaged in the World Economic Forum’s Cyber Resilience in Oil and Gas initiative, the pledge seeks to empower organisations to take concrete steps to enhance cyber resilience across their industry.
The organisations that have taken the pledge are Aker ASA, Aker BP, Aramco, Check Point Software Technologies, Claroty, Cognite, Dragos, Ecopetrol, Eni, EnQuest, Galp, Global Resilience Federation, Maire Tecnimont, Occidental Petroleum, OT-ISAC, Petronas, Repsol and Suncor.
“First endorsed by key CEOs in the oil and gas value chain, the Cyber Resilience Pledge is a landmark step as it signals recognition of the complexities of building a cyber-resilient industry ecosystem and a commitment towards collective action to achieve it. The World Economic Forum Centre for Cybersecurity is proud to have led this effort in conjunction with our partners. We look forward to scaling the pledge to other industries in the future,” said Alexander Klimburg, Head, Centre for Cybersecurity, World Economic Forum.
The pledge promotes a shift towards a resilience-by-design culture, ecosystem-wide, cyber-resilience plans and greater collaboration between players.
Amin H. Nasser, CEO, Saudi Aramco, said “As the world deepens its digital footprint, cyber threats are becoming more sophisticated. But one company, working alone, is effectively like locking the front gate while leaving the back door wide open.” Companies must work together if they want to truly protect the critical energy infrastructure that billions of people around the world depend on.”
“Common, industry-wide, cyber-resilience practices are essential. As our world becomes more digitally connected it is imperative, especially for our industrial and operational technology, to ensure our infrastructure’s secure and safe operation,” said Robert M. Lee, CEO and Co-Founder of Dragos
The Forum will continue to promote the pledge across multiple industry ecosystems with the objective of facilitating the implementation of the cyber resilience principles.
