Security Trends in the Energy Sector

Recent attacks

• Last week, K-Electric, a Pakistan-based electricity provider, was hit by a Netwalker ransomware attack that disrupted its billing and online services.
• In May, Elexon, a British company that facilitates transactions on the country's electricity market, suffered a cyberattack that affected its internal systems.

What are the trends?

• Threat actors have moved on to targeting industrial control systems (ICS) and third-parties to infiltrate their primary targets.
• The energy sector is a lucrative target for APT groups since threat actors can gain access to power grids and compromise vital systems.
• Utilities are facing new attacks as a huge number of communication-enabled devices are connected to the grid. Grid-connected devices serve as an entry point for hackers.
• Hackers could also use IoT botnets to manipulate energy markets and cause electricity price fluctuations.

Cyber initiative

What do we do now?

• The foremost step would be to secure the grid to make it resilient against cyberattacks.
• With complex supply chains comes the threat of downstream attacks that can knock down entire organizations. Thus, it is essential to establish accountability and ownership to alleviate supply chain risks.
• Engagement with government agencies and industry peers helps in the development of effective industry standards, and promoting collaboration through innovative processes.
• On a tactical level, cyber vulnerabilities can be minimized by analyzing and the intricate asset environment that comprises ICS, IoT, mobile assets, and other systems.

The bottom line