A new report from SecurityScorecard reveals a startling trend among the world’s top energy companies, with 90% suffering from data breaches through third parties over the last year. This statistic is particularly concerning given the crucial function these companies serve in everyday life.
Their increased dependence on digital systems facilitates the increase in attacks on infrastructure networks. This sheds light on the need for these energy companies to adopt a proactive approach to securing their networks and customer information.
2023 industry recap: Largest third-party breaches in the energy sector
The energy sector faced significant challenges in 2023, marked by a notable rise in third-party data breaches. These incidents did more than just leak sensitive information — they also cast doubt on the industry’s security protocols. The breaches varied, but they resulted in financial losses, damaged reputations and eroded customer confidence.
Some of the key findings in this report included:
There were 264 reported breaches in the energy sector linked to third-party issues
All top 10 U.S. energy companies were included in confirmed third-party breaches
The MOVEit vulnerability was especially prevalent in the last six months, affecting numerous global energy companies
33% of energy companies scored a C or lower in security, indicating a heightened breach risk.
This surge in breaches is prompting the sector to strengthen its security measures, potentially leading to stronger defenses against future incidents.
What’s causing the rise in third-party breaches?
When focused on expansion, energy companies often engage multiple third-party vendors for specialized services. These ex ..
Support the originator by clicking the read the rest link below.
