The mining and metals industry needs to prepare for cyber attacks, according to an EY report

The mining and metals industry needs to prepare for cyber attacks, according to an EY report

By DALE BENTON. @d_benton March 27, 2018, 7:16 a.m.

In the ever changing technological landscape of the mining industry, a new report has revealed that a large part of mining companies are not fully prepared to face the threat of cyber attacks.

Advances in technology, including IoT, automation and Big Data, make more and more companies observe how technology and data capture can release efficiencies, save costs and provide real value.

With technology, however, comes the risk and the World Economic Forum has identified cybersecurity / cyber attack as one of the five main risks facing the world today.

In his last report; "Does cyber risk only become a priority once you have been attacked?" EY has discovered that the sector is struggling to close the cybernetic maturity gap and that mining companies may be lagging behind the rest of the energy sector in how they protect operational technology.

The report revealed that in 2017, 55% of mining operators experienced a significant cybersecurity incident, and 48% believe it is unlikely that they can even distinguish and identify a sophisticated attack.

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Despite an increase in investment in cybersecurity initiatives (53% in the last 12 months), a huge 97% of organizations have admitted that their current role of cube security does not fully meet the needs of their organizations.

The belief in the industry is that many mining and metals companies are adopting an "ad hoc" approach and acting when it is too late to manage their risks and vulnerabilities.

What must happen is a change in culture.

Argues Michael Rundus, Cybersecurity Leader of EY Global Mining & Metals; "The increased adoption of digital technologies to boost productivity in the mining and metals sector has resulted in an increasing digital footprint and associated cyber threat profile.We estimate that mining companies are in fact staying Behind the rest of the energy sector for several years in the way they protect operational technology If companies continue to adopt an ad hoc approach to cybersecurity, or act when it is too late to manage vulnerabilities, the cyber risk could be drop in productivity gains of organizations and digital advancement aspirations. "

"A cultural shift in cyber risk awareness is required to address the increased demand for integrating cyber resilience and preparedness As a first step to closing the cyber maturity gap, boards must ensure that they understand the outlook threats and apply a risk-centered mindset to transform the questions they ask management. "