The Canadian oil and gas sector, a key driver of the country’s economy, is facing increasing cybersecurity threats due to the digital transformation of Operational Technology (OT) systems, according to a recent report by the Canadian Centre for Cyber Security. This sector, which contributes approximately $120 billion to Canada’s GDP, plays a vital role in providing essential services such as heating, transportation, and electricity generation. However, the report warns that the reliance on OT systems has made the sector more susceptible to cyber attacks, with about 25 per cent of oil and gas organizations reporting a cyber incident in 2019.
One of the key findings of the report is the increasing targeting of organizations through their supply chains by medium- to high-sophistication cyber threat actors. This tactic allows attackers to gain access to valuable information about the organization’s networks and OT systems, posing critical vulnerabilities to large industrial asset operators. Cybercriminals motivated by financial gain are highlighted as the most significant threat to the sector, with Business Email Compromise (BEC) schemes and ransomware attacks posing particular risks.
The report also points out the financial implications of cyber threats, with the cost of a data breach potentially reaching millions of dollars. The potential for disruption or sabotage of OT systems poses a costly threat to owner-operators of large OT assets, with implications for national security and the economy. The high value of assets in the oil and gas sector makes it an attractive target for cybercriminals looking to steal valuable intellectual property and business information.
In response to these threats, the report calls for organizations within the oil and gas sector to prioritize cybersecurity investments and adopt a proactive approach to risk management. Continuous training and awareness programs for employees are emphasized as essential to mitigate risks associated with human error. Collaboration between public and private sectors is also highlighted as crucial in effectively combating cyber threats, with the sharing of information and best practices key to preparation and response to cyber incidents.
Overall, the report underscores the urgent need for enhanced cybersecurity measures in Canada’s oil and gas sector. With cyber threats evolving and on the rise, it is imperative for organizations to take proactive steps to safeguard their operations and ensure the resilience of this critical infrastructure. The time to act is now, as the consequences of cyber attacks on the sector could have far-reaching impacts on national security, public safety, and the economy. By investing in cybersecurity and fostering collaboration, organizations can better protect themselves against cyber threats and ensure the continued functioning of this vital sector.