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Oil and gas giants pledge cyber-unity

In response to high-profile ransomware attacks such as Colonial Pipeline, 18 major energy companies have signed up to a “cyber-resilience” pledge at the annual meeting of the World Economic Forum (WEF) in Switzerland.

“The action is in response to major security breaches in the past two years that have highlighted the vulnerability of critical infrastructure,” said a WEF spokesman, calling the statement by the multinationals a “recognition of the fact that much more collective preparedness is needed.”

Among the non-renewable energy giants to sign up to the pledge at the global conference in Davos are Aker BP, Ecopetrol, and Occidental Petroleum. The move is in response to high-profile cyberattacks on key industry players including Colonial Pipeline in the US last year, and Western European oil facilities this February.

“The Cyber Resilience Pledge is a landmark step, as it signals the complexities of building a cyber-resilient industry ecosystem and a commitment towards collective action to achieve it,” said Alexander Klimburg, head of cybersecurity at the WEF.

“As the world deepens its digital footprint, cyber-threats are becoming more sophisticated,” said Amin Nasser, head of Saudi Aramco. “One company, working alone, is effectively like locking the front gate while leaving the back door wide open.”

The pledge has yet to outline any concrete policies, but is expected to focus on cooperation between the signatories, and the uptake of common defensive measures aimed at building what the WEF referred to as a “resilience by design” culture.

More from Cybernews:

A message from Davos: cybercriminals are catching up with state-sponsored gangs | CyberNews

Romanian gas giant hacked and held to ransom | Cybernews

The Colonial Pipeline hack affected gas prices less than we thought | CyberNews

General Motors suffers a cyberattack exposing customer data | CyberNews

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