'Sustained threats' but low spend on oil and gas cyber security (June 2014)Frost & Sullivan finds oils risk as low cyber spending means limited interest for solution providers.
A report from UK-based consultancy Frost & Sullivan, 'Global oil and gas infrastructure security market assessment' reveals 'sustained threats' to oil and gas infrastructure and a need for better security solutions. The study covers security services, command and control, screening detection, surveillance, access control, perimeter security, and cyber security. Overall the market is said to be worth $20 billion in 2013 and this will likely rise to $25 billion by 2021. F&S analyst Katherine Evans observed, 'While most opportunities are in the upstream, manufacturers must provide solutions across all segments, with particular focus on surveillance and intrusion detection.'
Cyber security is not currently a spending priority among oil and gas companies and has limited opportunities for vendors. Companies are more likely to spend on safety measures such as fire detection and prevention even though cyber attacks pose a greater threat. The situation will change with the passing of national and international legislation to protect oil and gas assets from cyber-attacks. The F&S study is delivered under F&S' Growth partnership service program.
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