Cyber attacks on the Gulf energy industry in 2017 incurred losses of over $1 billion

Bloomberg Intelligence has reported in its analysis report that  cyber attacks pose a significant threat to oil and gas companies’ supply chains which also could impact oil-based economies such as the UAE and Saudi Arabia.

According to a Siemens’ report, the financial impact of cyber attacks on the Gulf energy industry in 2017 is estimated at more than $1 billion.

Furthermore, an executive survey by the World Economic Forum found that cyber attacks tops concerns for UAE businesses in 2018.

According to the  New York Times reported that cyber-attackers tried to trigger a deadly explosion at a petrochemical plant in Saudi Arabia in August and failed only because of a code glitch.
although Investigators declined to identify the suspected attackers, but people interviewed by the newspaper unanimously said that it most likely aimed to cause a blast that would have guaranteed casualties. A bug in the attackers’ code accidentally shut down the system instead, according to the report.
Dubai had launched a cyber security strategy last year and according to the report by Bloomberg UAE leads the way in technology investment. The UAE government is now focused on areas including enhancing awareness in public and private sectors, research and development (R&D), data privacy and business continuity.

UAE also plans to change the way it invests to drive technology adoption by sponsoring and incubating start-ups through free trade zones. It has invested in blockchain to manage oil and refined product movements within Fujairah Oil Industry Zone, providing security and audit trails through the use of smart contracts.

Norton by Symantec said in a report published  in January that a total of 3.72 million UAE consumers lost approximately AED3.86 billion ($1.05 billion) to cybercrime in the last year.
The report revealed that more than half (52 percent) of the UAE’s adult online population experienced cybercrime over the course of the year, which average losses of AED669 ($182) each.

 

 

 

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