The Emergence of Cybersecurity and Cyberlitigation Issues Affecting the Oil And Gas Industry
Cybersecurity and related cyberlitigation issues continue to emerge and become top of mind for businesses. The frequency of cybersecurity attacks is startling. Research conducted in 2012 by the International Cyber Security Protection Alliance (ICSPA) revealed that 69% of Canadian businesses had experienced some type of attack within a 12-month period. Twenty-six percent of those affected reported “considerable” impact on their businesses in terms of financial and reputation damage.
As has been stated by Mike Rogers, US Intelligence Committee chairman, “There are two kinds of companies. Those that have been hacked and those that have been hacked but don’t know it yet”.
Steps are now being taken by regulators and businesses to bring awareness to these issues:
- In 2014, the Securities Exchange Commission (SEC) held a roundtable discussion on the topic of cybersecurity, where it was noted according to speaker Mary Jo White that cyberthreats are first on the division of intelligence’s list of global threats, even surpassing terrorism.
- In 2015, the SEC identified “the cybersecurity of registered investment companies and registered investment advisers as an important issue” and provided updated guidance in reducing cybersecurity risks.
- In April 2015, the Cybersecurity Unit (Computer Crime & Intellectual Property Section Criminal Division) of the US Department of Justice, published “Best Practices for Victim Response and Reporting of Cyber Incidents.”