Monday 26, March 2018 by Jessica Combes

Cyberrisk a nightmare for Gulf oil and gas companies

 

Cyberattacks pose a significant threat to oil and gas companies’ supply chains, and in turn, could impact oil-based economies such as the UAE and Saudi Arabia, according to analysis conducted by Bloomberg Intelligence.  

The financial impact of cyberattacks on the Gulf energy industry in 2017 is estimated at more than $1 billion. The analysis also mentions that an executive survey by the World Economic Forum found that cyberattacks tops concerns for U.A.E. businesses in 2018, according to a Siemen’s report. 

The analysis states that the UAE leads the way in technology investment, with Dubai launching a cybersecurity strategy last year, focused on areas including enhancing awareness in public and private sectors, research and development (R&D), data privacy and business continuity. The UAE is also changing the way it invests to drive technology adoption by sponsoring and incubating start-ups through free trade zones; it has invested in blockchain to manage oil and refined product movements within Fujairah Oil Industry Zone, providing security and audit trails through the use of smart contracts.  

The analysis includes sections focusing on Saudi Aramco, and smarter oil supply chains. 

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