Third-party vendors were responsible for 45% of breaches in the energy sector—well above the global average of 29%.
As the energy sector becomes more digitalized, interconnected, and reliant on software to drive operations, its attack surface widens significantly. The transition to greener energy also introduces new vulnerabilities.
Jose Seara, CEO and Founder of DeNexus, stressed the importance of quantifying cyber risks to enable better decision-making:
"Vulnerabilities in third-party software and remote access to industrial equipment are certainly among the top contributors to cyber risk today. It is imperative for these companies to better understand their cyber risks, identify them, and quantify them in monetary terms to drive data-driven decisions on cybersecurity investments."
Seara's focus on proactive risk management highlights the need for energy companies to implement a clear playbook for responding to cyber incidents and ensuring that stakeholders are aware of the potential financial losses.