Oil and Gas Cyber Security Market to Observe Strong Development | 2024
Today’s
hyper-connected world is highly prone to cyber-attacks and industries
are increasingly taking measures to bulwark their systems and data.
The oil and gas industry is no exception. To increase efficiency of
operations, they are digitally connected these days. While this has
its obvious advantages, it also has its ill-effects – heightened
risk of cyber-attacks. This has necessitated the need for proper
cyber-security measures and has, in turn, spawned an entire market
altogether – oil and gas cyber security market.
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Report Overview @
A
report by Transparency Market Research studies the global market for
oil and gas cyber security by factoring in various crucial aspects.
It takes into consideration both historical and current data to gauge
the size of the market. It sheds light on the growth drivers and
restraints to understand the future trajectory of the market. The
report also leverages market-leading analytical tools to fathom the
current competitive dynamics and profiles leading players along with
their strategies.
Insider
misuse, crime ware, miscellaneous errors, cyber espionage, web
application attacks, denial of service, physical threat/loss of
property, and payment skimmers are to name a few common cyber-attack
threats in the oil and gas industries. To counter them, cyber
security systems are deployed in oil and gas operational sites. They
monitor the processes during plant shutdown and help uncover
utilities interruption, facilities terrorism, production disruption,
undetected spills, and hydrocarbon installation terrorism. Effective
cyber security systems in place ensure seamless operations right from
exploration and production of oil and gas to their delivery to
end-users sans mishap or other hitches.
The
global market for oil and gas cyber security can be split broadly
into physical security and network security. Sector-wise, upstream,
midstream, and downstream are the three primary segments in the
market. Depending upon application again, the market can be
bifurcated into the onshore and offshore groups.
The
different types of cyber security challenges in the upstream sector
include breach of confidential information or data pertaining to
drilling operations, planned projects, production sharing contracts
(PSC), block diagrams, tenders, field production information, and
drilling methodologies. The upstream segment is considered most prone
to cyber-attacks. Cyber-threats in the midstream oil and gas sector
is mostly related to supply chain logistics, distribution networks,
storage information, pipeline data, and pipeline and transportation
information. In the downstream, major cyber-security challenges
pertain to refinery information, consumer data, end-user
distribution, retail data, and industrial plants and manufacturing
data.
From
a geographic standpoint, North America and Europe are key markets in
the global market for oil and gas cyber security. This is because the
two continents are home to advanced countries that invest heavily in
sophisticated cyber security systems to avoid breaches. The U.S. and
Canada, for instance, are pulling out every stop to ensure cyber
security in the development and production of shale gas. Europe and
North America are also home to numerous key manufacturers of cyber
security components such as hardware and software to ensure safety of
different operational processes in the entire oil and gas value
chain. These players are now making efforts to tap into the promising
China and India markets in Asia Pacific in order to up their revenues
and profit margins.
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Some
of the key players operating in the global market for oil and gas
cyber security, listed in the report are Siemens AG, Lockheed Martin
Corporation, Parsons, Microsoft Corporation, Cisco Systems, Inc.,
Symantec Corporation, Intel Corporation, and Accenture.
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