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Mining and IO: Recognizing cybersecurity to extract true value

Mining and IO: Recognizing cybersecurity to extract true value

By DALE BENTON. @d_benton March 27, 2018, 9:19 a.m.

Continuing with EY's report today, which revealed that mining and metals companies are struggling to keep up with the cyber security measures required in the ever-growing digital landscape, new research has examined what these same companies can do. to extract profits from certain technologies.

IoT is a word in the mouth of a large part of the mining industry. But what makes it more than a simple buzzword? As more companies turn to the IoT implementation, what do they really know about this technology? And most importantly, do you know how to get real value from this?

Inmarsat, owner and operator of a global satellite network, has conducted a recent study that reveals that while mining companies gain a significant advantage over their competitors by implementing IoT, without the correct measures of cybersecurity in places these initiatives can collapse before the Earnings Can be done.

The company turned to market research specialist Vanson Bourne to interview respondents from 100 large-scale mining companies around the world, and the results paint a rather relentless image.

94% of respondents admitted that their cybersecurity approach could be improved, while 67% revealed that their data security measures would need a complete overhaul to be compatible with IoT developments.

It does not stop there either, the key area of least concern was the availability of skills, as 64% said it required additional cybersecurity skills to implement IoT safely and successfully.

Commenting on the findings, Joe Carr, Director of Mining at Inmarsat Enterprise, said: "Mining companies can make considerable profits by exploiting digital technologies such as IoT, but as the industry is more digitally oriented, the risks for these companies increase. More connected is more vulnerable and as IoT connects more and more parts of a mining company's operations to the Internet, they open up new avenues of attack, either from environmental groups that seek to interrupt operations or from state-sponsored actors who carry out cyber-espionage.

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"At the same time, the sector's greater reliance on data for its operations and profitability means that the risks of not having adequate security in place grow exponentially, whereas a decade ago a data breach or intrusion would have been an inconvenience, today a mine could be completely paralyzed, so it is worrisome that so many mining companies are fighting in this area. "

Carr concluded: "For mining companies to thrive in this climate, IoT and digital security must be a priority and it is essential that the boards increase their understanding of the risks they face.This implies ensuring that the fundamental network infrastructure that underpins the Device connectivity aligns with the highest standards of security and reliability, and that the endpoints are configured correctly. "

Read Mining Global Magazine's exclusive interview with Joe Carr in the February issue of Mining Global, as he discusses how technology will shape tomorrow's mining industry.