The Rising Importance Of Cyber Security In The Oil And Gas Industry Market Outlook: Ken Research

There are many companies that are operating in this segment, providing cyber threat security to the companies that operate in the oil and gas industry. According to the study, ‘Cyber Security In Oil & Gas - Thematic Research’, some of the companies that operate in this industry include Ahnlab, Airbus, Akamai, BAE Systems, Barracuda Networks, Check Point Software Technologies, Cheetah Mobile, Cisco, CyberArk Software, F5 Networks, FireEye,, Fortinet, F-secure, Gemalto, Gigamon, IBM, Intel, Juniper Networks, KEYW, LifeLock, Micro Focus, Microsoft, MobileIron and NetScout Systems. Some of these companies have recently entered this industry which makes the competition somewhat fragmented. However, major market share has been grabbed by big names which have been operating in the IT sector for more than a decade. The key reason for their high market share is the trust factor they have built due to their operations.Cyber Security In Oil & Gas - Thematic Research One of the recent trends that have been witnessed recently is the growing integration of the technology and software industry with the oil and gas industry. The growing use of technology in this industry has made the oil and gas industry more vulnerable to cyber security threats. The door to cyber security threats has recently been opened due to the growing demand of technology in the oil and gas industry. Many companies face issued for instance petroleum companies face the issue of hydrocarbon installation terrorism which has the potential to cause entire plant shut down which would lead to sabotage of activities as well as disruption of entire utilities. Oil and gas play an important role in the lives of all individuals, which makes the protection of this particular sector very important.

Underestimating the damage that could be caused due to a cyberattack on one of the most important industries would be a mistake. The regulation exercised over cyber security is quite less in the oil and gas sector. However, there are body of standard and regulations that need to be adhered to by the companies. These industries are both from the side of the government as well as at the industrial level which tries to ensure their own internal policy is able to meet the security needs which depends on their own infrastructure and data. The guidelines that have been issued are not compulsory but rather mandatory but still a company that ignores these rules and regulations puts the entire organization at the risk of being harmed. These policies and procedures are some of the most recognized across various industries, not following them puts the entire oil and gas industry at risk. The number of cyber security threats is increasing year on year in the oil and gas industry which makes it a potential market. The number of increasing cases of cyber attacks on the oil and gas industry has led to many companies establish this business in this area. Thus the competition landscape is fragmented. The growth rate in this industry is expected to be high considering the increasing number of cyber attacks which is expected to be carried forward to the next year as well.

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