Acording to a new EY report, Risk Pulse: Navigating the power and utilities sector in transformation, which ranks the strategic, financial, operational and compliance risks across the sector, cyber attacks are among the top risks to power and utilities companies alongside natural disasters such as storms and catastrophic events.
Commenting on this, Edgard Capdevielle, CEO, Nozomi Networks, said: “It is critical for the resilience of the power supply that power companies and utilities are able to identify cyber attacks efficiently.
"Significant strides forward have been made, but there’s always room for further improvement. If utilities invested in cyber security in the same way that they invest in storm preparation their ability to manage the risk would be significantly improved.
"The NERC CIP regulations, combined with increasing awareness of the likelihood of an attack, have motivated many progressive utilities to seek the most advanced technologies such as artificial intelligence and automated machine learning to jump start their visibility, situational awareness, and ultimately, their abilities to detect and mitigate cyber attacks against their operations. “