Modulo Exhibits at API Cybersecurity Conference to Demonstrate Risk Management Solutions for the Oil, Gas & Energy Industries
Data from a 2012 Mandiant survey show that the energy industry, including oil and natural gas, is ranked 2nd highest of all industries most likely to suffer a cyber attack. And a recent ABI Research study predicted that cyber attacks against oil and gas infrastructure will cost companies $1.87 billion by 2018, making cyber risk management a board level risk that every company must address. Supporting these findings, Booz Allen Hamilton recently identified the Six Energy Industry Trends for 2014 that are poised to greatly impact the oil and gas sector, three of which call for improved risk management:
- The technology supply chain will increase the need for cyber risk management
- Cyber risk management will become more customized by creating unique approaches to minimize the impact of an attempted attack and to protect critical assets; in particular, when entering high-risk environments
- Striking the right balance between strong cyber risk management and regulation and keeping pace with the constantly changing regulatory environment
- Making the explosion in the amount and types of data “work” for security professionals including analyzing and presenting data in a way that drives business strategies
By aligning business objectives with risk and compliance efforts, Modulo enables security executives to reduce time to risk reduction and improve efficiencies. Modulo's GRC solutions are deployed in the cloud and through mobile devices facilitating risk management for distributed assets such as sub-stations, distribution towers, platforms, refineries, terminals, power plants, and more.
Organizations can scale GRC affordably by leveraging Modulo's solutions for Vendor Risk, Business Intelligence, Business Continuity, NERC CIP (North American Electric Reliability Council's Critical Infrastructure Protection), SCADA (Supervisory Control and Data Acquisition), and Compliance with technical and legal standards set by government agencies and other regulatory bodies.