Impactful digital solutions and a combination of best practices can help the energy industry ward off the risks in the digital age.
FREMONT, CA: The continual evolution of the digital world in which energy companies are functioning today makes appropriate risk management and mitigation plans extremely imperative. Risks have become sophisticated, and their sources have multiplied. The fundamental changes in physical and IT infrastructure across the energy industrial facilities have rendered legacy risk management practices and technologies highly insufficient and inefficient. Thus, energy companies are shifting towards modern capabilities and enhanced strategies, which will help prevent and minimize the impacts of cyberattacks and data breaches. The following list presents some ways for energy companies to overcome digital risks.
•Developing Cybersecurity for Modern Infrastructure
The emergence and widespread adoption of smart meters and smart grids have changed the cybersecurity dynamics significantly. These new elements in the energy sector's infrastructure are advanced but are also vulnerable to security threats owing to the inherent connectivity they have. Thus, energy companies should evaluate risks associated with these additions and upgrade cybersecurity strategies accordingly. Preparedness is central to modern risk management.
• Minimizing Exposure to Risks
Digitalization has brought critical operations and data online. As a result, the chances of cyberattacks have increased. While technologies like IoT and cloud computing have brought significant advantages, they have also resulted in increased vulnerabilities. Thus, effective risk management in energy companies should involve audits and assessments, which depict the extent of exposure and limit the same as far as possible.
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• Prioritizing Data Privacy
In the digital world, data equates to currency. Thus, the risks of data being stolen or unethically accessed always exist. Energy companies possess vast volumes of data that belong to their customers. Safeguarding this data is essential from the customer security perspective. Robust, technology-backed measures should be deployed to ensure the protection of sensitive data.
Energy companies need to stay consistent and proactive in their journey towards securing services from vulnerabilities and risks in the evolving digital landscape. By adopting relevant technology and policy measures, digital risks can be effectively rooted out.