Survey Shows Utilities’ Cybersecurity Not Keeping Up with Technology

Survey Shows Utilities' Cybersecurity Not Keeping Up with Technology

 

March 2, 2017

Results from EY’s 19th Global Information Security Survey 2016-17 indicate a need for improved resilience in the ability of the power and utilities sector to respond and recover from cyber incidents so that safe and reliable operations can be restored and maintained.

Growth in digital and connected devices, along with the convergence of information technology (IT) and operations technology (OT) systems, have increased the significance of cyberattacks on critical infrastructure, including the power grid, says EY. EY’s Global Information Security Survey (GISS) covers over 20 industry sectors and captures the responses of 1,735 participants around the globe, including 81 from the power and utilities (P&U) sector.

Over decades, utilities have learned to better respond to potentially catastrophic events. Commodity supply shocks, storms, natural disasters, equipment failure, terrorist attacks and the growth in cybercrime have all driven utilities to improve their approach to business resilience and risk management. However, the GISS results indicate the need for improved resilience in their ability to respond and recover from cyber incidents so that safe and reliable operations can be restored and maintained.

Key findings

Here’s a sampling of survey findings.

1. Inadequate security operating models are exacerbated by budget pressures

  • 89% say their cybersecurity function does not fully meet their needs, and only 53% of P&U respondents have a security operations centre
  • 39% need a budget increase of at least 25% to achieve management’s desired level of risk tolerance

2. Reputational risks are rising

  • 58% have had a recent significant cybersecurity incident
  • 39% do not have a communications plan in place in the event of a significant attack

3. A skilled cyber workforce is essential to keep pace with evolving utility threats

  • 58% rated security awareness and training as a high security priority
  • 84% consider careless employee actions to be the most likely source of a cyber attack

See more survey results: www.ey.com/gl/en/industries/power—utilities/ey-the-path-to-cyber-resilience-sense-resist-react.

Related Articles


Latest Articles


Changing Scene

  • Skills Ontario Supports Ontario’s Investments in Skilled Trades in Budget Announcement

    Skills Ontario Supports Ontario’s Investments in Skilled Trades in Budget Announcement

    March 28. 2024 As demand for skilled trades professionals rises, Skills Ontario is commending the government for continued investments in skilled trades and technology programing, working to address the shortfall and need to build the workforce of the future in Ontario.  The skilled trades shortage is costing Ontario approximately $25 billion in foregone GDP. A… Read More…

  • IVRY Launches 7 New VR Lessons

    IVRY Launches 7 New VR Lessons

     IVRY Technologies, a division of IDEAL Electrical, is launching seven new virtual reality (VR) lessons in Canada as part of its Virtual Electrical Training (VET) Series 2 training module. The cutting-edge training will serve as a learning resource for International Brotherhood of Electrical Workers (IBEW) training centers across Canada. Read More…

  • PEI Budget 2024 Signals Continued Focus on Healthcare, Housing and Affordability for all Islanders 

    PEI Budget 2024 Signals Continued Focus on Healthcare, Housing and Affordability for all Islanders 

    March 28, 2024 Hon. Jill Burridge, Minister of Finance, presented government’s 2024-25 operating budget to the legislative assembly, outlining $3.2 billion in investments for Prince Edward Island with a continued focus on healthcare, housing and affordability measures. “This budget signals where we’re headed as a province and shows Islanders where we will be making key… Read More…

  • BC’s Budget 2024 Prioritizes Actions for Low-Carbon Economy

    BC’s Budget 2024 Prioritizes Actions for Low-Carbon Economy

    March 28, 2024 Josie Osborne, Minister of Energy, Mines and Low Carbon Innovation, and Brittny Anderson, MLA for Nelson-Creston, met with community climate leaders in Nelson to discuss how Budget 2024 can help support people in the region to transition to a low-carbon economy and meet shared CleanBC goals. “Our government’s budget this year reflects the… Read More…