Learn more about Hart Energy Conferences
Get our latest conference schedules, updates and insights straight to your inbox.
Norwegian firms Telenor, Aker ASA and Cognite say a new software security company they plan to launch this year will help companies protect their industrial assets from an increased cyberattack risk since Russia's invasion of Ukraine.
“More and more [industrial] objects [are] being connected, and then you can add Russia-Ukraine on top of that,” said Telenor CEO Sigve Brekke, adding that a trend that accelerated during COVID, is “now going faster and faster.”
Industrial facilities, control systems, oil pipelines, supply chains, power grids and healthcare are key targets, Brekke and the CEOs of Aker ASA and Cognite told the Reuters Global Markets Forum in Davos this week.
“Cybersecurity is increasingly a concern for any company out there,” said Asa Tamsons, senior vice president and head of business area technologies and new businesses at Ericsson, as more operations use the cloud, digital tools are employed and connectivity within businesses increases.
RELATED:
DNV: Energy Executives Anticipate More Cyberattacks, Yet Defense Efforts Lag
John Lervik, co-founder and chief strategy and development officer of Cognite, said the new company Omny would help public and private companies monitor industrial assets so they perform optimally, while securing them from cyberattacks.
Omny will launch first in Norway in the autumn of 2022 and then be expanded into the Nordics next year, Lervik said.
Aker ASA CEO Oyvind Eriksen said the aim was to eventually take Omny global, and its founders will look for international partners to scale it up.
Omny forecasts that the operational technology security market will grow from 94 billion Norwegian crowns (US$9.8 billion) to nearly 470 billion Norwegian crowns in 2030, with the software part of the market estimated at 20%-30%.
Carl Carande, global head of advisory at KPMG, told Reuters on May 24 that the way to mitigate cyber threats is for big tech, governments and industries to work together,
“This continued push for coordination, collaboration and innovation, that's the key,” Carande said in Davos. “Bad actors can just be right once and cause havoc. Everyone else has to be right all the time.”
Recommended Reading
Louisiana ‘Ready to Roll’ After EPA Grants Authority Over CCS Wells
2024-01-04 - Louisiana’s Office of Conservation is “staffed up and ready” after the EPA granted the state oversight of carbon sequestration wells.
Battalion Oil Non-compliant with NYSE American
2024-01-10 - Battalion Oil expects to soon regain compliance with NYSE American’s continued listing standards following the annual meeting of stockholders in February.
California Reaming: Laws Spark Rancor, $6B in Chevron, Exxon Write Offs
2024-01-08 - Chevron and Exxon are set to write off billions of dollars worth of California assets because of strict laws and regulations that the companies say won’t change oil consumption but will shift profits to foreign producers such as Saudi Arabia.
CEO: Linde Not Affected by Latest US Green Subsidies Package Updates
2024-02-07 - Linde CEO Sanjiv Lamba on Feb. 6 said recent updates to U.S. Inflation Reduction Act subsidies for clean energy projects will not affect the company's current projects in the United States.
Global Energy Watch: Corpus Christi Earns Designation as America's Top Energy Port
2024-02-06 - The Port of Corpus Christi began operations in 1926. Strategically located near major Texas oil and gas production, the port is now the U.S.’ largest energy export gateway, with the Permian Basin in particular a key beneficiary.