December 5, 2023

Oil and Gas Cybersecurity Market Analysis: Protecting Assets in a Digital World

The oil and gas industry is rapidly embracing digital transformation, with companies at various stages of this journey. However, a critical component often overlooked is cybersecurity, vital for ensuring the safe, secure, reliable, and efficient operations of these companies. With an increasing awareness of the vulnerabilities to cyber-attacks, a growing number of firms are adopting a proactive approach to cybersecurity.

The integration of next-gen technologies such as Internet of Things (IoT), Industrial Internet of Things (IIoT), Artificial Intelligence (AI), and big data analytics accelerates digitalization but also brings new cybersecurity risks. Identifying and mitigating these cyber-physical risks is now a top priority, driving the oil and gas cybersecurity market. As more companies invest heavily in advanced cybersecurity solutions, the global oil and gas cybersecurity market is poised for significant growth.

Challenges Hindering Growth

While the need for robust cybersecurity is evident, high initial investment costs pose challenges for many mid-scale oil and gas firms. Additionally, fluctuations in crude oil and natural gas prices can impact budget allocation for cybersecurity systems. However, the growing concerns related to safeguarding information and business processes from cyber threats are driving demand for cybersecurity solutions in the industry.

Upstream Oil and Gas: A Prime Target

The upstream sector, responsible for exploration and production, is particularly vulnerable to cyberattacks. Data related to optimal production fields and physical parameters are critical and susceptible to hacking. Contract documents defining agreements can also be targeted, potentially altering vital business arrangements. The sector’s increasing reliance on process control and automation further underscores the need for cybersecurity.

North America and Europe Lead in Adoption

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North America and Europe currently lead the oil and gas cybersecurity market. Investments in efficient cybersecurity systems have grown year-on-year in these regions due to rising threats and unauthorized data access risks. Developed nations, such as the US, China, Japan, and Germany, have experienced significant losses due to cybercrime, highlighting the urgency of robust cybersecurity measures.

Asia Pacific and Middle East & Africa Catching Up

Awareness about cybersecurity best practices is driving demand for cybersecurity systems in Asia Pacific. Countries like China, India, Australia, Japan, and Indonesia are actively working to establish effective anti-cybercrime networks. In the Middle East & Africa, GCC countries, major oil and gas producers, are considering investments in oil and gas cybersecurity following incidents like the Saudi Aramco cyberattack.

Key Players in the Market

Prominent players in the oil and gas cybersecurity market include Microsoft Corporation, Symantec Corporation, CISCO Systems, Inc., Intel Corporation, SAP SE, Honeywell Corporation Inc., Parsons Corporation, GE, DXC Technology Company, Siemens AG, and Ernst & Young Global Limited (EY).

Industry Initiatives

In April 2021, Saudi Aramco, the world’s largest oil-exporting company, partnered with KPMG International Limited to assess cybersecurity compliance among its third-party suppliers. Additionally, Parsons Corporation acquired Braxton Science & Technology Group, LLC (Braxton) in November 2020, enhancing its presence in the space, cyber, and intelligence markets.

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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This press release first seen on Brilad