5 Steps Oil And Gas Cos. Can Take To Manage Cyber Risk

Law360 (June 2, 2021, 4:43 PM EDT) — The U.S. oil and gas industry, central to all critical infrastructure sectors,[1] presents an attractive target for cybercriminals and other malicious actors, including geopolitical rivals and cyberterrorists.[2]Of the top 25 publicly traded oil and gas companies, 52% report having experienced cyberattacks.[3] The facilitation of hard-to-track ransom payments by bitcoin and other cryptocurrencies further increases the risk.[4]

Cyberattacks have long-lasting legal implications that extend beyond immediate losses associated with business interruption. Cyberattacks can cause market value decline and damage to companies’ environmental, social and governance efforts, exposing oil and gas companies to a variety of potential lawsuits:

¬†Cyberattack Risks¬† ¬†Potential Legal…

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