Hiscox report: Energy sector most at risk of cyber incidents
The sector saw a median loss of over £100,000 ($150,000) in the last 12 months on cyber events, having been impacted by phishing and virus infestation attempts. Out of the 15 sectors included in the analysis, energy was one of the industries most likely to experience one or more cyber events over the past year, despite 84% of firms having a dedicated cyber security role.
The findings are part of Hiscox’s Cyber Threat Ranking Table, which uses data from the insurer’s 2020 Hiscox Cyber Readiness Report, now in its fourth year, to rate the comparative cyber risk levels of a range of sectors, from a representative sample of 1,039 UK businesses.
Cyber protection was a key factor when it came to identifying the level of risk for the sector, with only 68% of firms in the energy sector having a cyber insurance policy. The mean budget allocated to cyber security was also 10% less than the UK average.
The professional services sector, which includes lawyers, accountants and consultants, proved to be the most cyber-ready, receiving the lowest risk score overall. Businesses in the industry reported the least amount of cyber events and were among the sectors most able to measure cyber impact.
The Cyber Threat Ranking Table also includes cyber risk based on company size. The biggest UK companies experienced the highest losses on cyber incidents, with a median cost of more than £270,000 ($360,000) in the last 12 months. Risk was also associated with a comparatively low cyber security budget and the highest record of cyber incidents.
Despite some industries receiving relatively high threat ranking scores in the UK, the overall results from this year’s Hiscox Cyber Readiness Report showed a marked improvement (in comparison to previous years) in relation to cyber security readiness with the sectors achieving ‘expert’ status nearly doubling – from 10% to 18%.
Sector risk scores (highest to lowest risk)
- Energy (45)
- Food and Drink (42)
- Business Services (41)
- Government and Non-Profit (41)
- Financial Services (39)
- Pharma and Healthcare (38)
- Travel and Leisure (38)
- Manufacturing (37)
- Retail and Wholesale (36)
- Technology, Media and Communications (36)
- Transport and Distribution (36)
- Property (35)
- Construction (33)
- Professional Services (30)
Stephen Ridley, Hiscox UK Cyber Underwriting Manager, commented: “While firms appear to be upping their game when it comes to cyber security at a global level, this is by no means uniform across sectors or countries. The UK energy sector currently appears to be among the most vulnerable which, given the growing intensity of criminal activity across the globe, is a great concern. The high risk score associated with businesses in this sector highlights the importance of on-going investment in cyber defences to help minimise vulnerability and improve overall cyber security resilience.”
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."