Cybersecurity News

Why wait for a cyber catastrophe to prepare for a cyber attack?

Feb 20, 2019

EY

Connected devices that can collect vast amounts of personal data (e.g., smart meters) and the rise of the Internet of Things (IoT) add to the complexity of managing security across the transforming P&U ecosystem. The expected global cost of cybersecurity breaches across all sectors by 2021 is US$6 trillion, according to “Cybercrime Report 2017 Edition”, Cybersecurity Ventures, 19 October 2017.

Legacy systems that were designed to operate in internal segregated or closed networks are increasingly interfacing and converging with IP-based networks to improve efficiencies in administration and monitoring.

This ever-expanding digital ecosystem with potentially millions of networked access points, is exposing utilities to more sophisticated and frequent cyber attacks, which have the potential to disrupt critical infrastructure and breach customer and employee privacy. Governments around the world have moral obligations to provide access to power and clean water, and utilities are tasked with fulfilling these obligations. Yet, they cannot do so if they leave themselves, and the critical infrastructure they manage, open to attack.

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