As cyber threats continue to grow, energy companies need to strengthen processes for next generation smart grid. Making headlines and devastating a slew of companies, cyber-attacks have cost billions of dollars of losses for businesses. Companies such as Equifax, Merck, Yahoo, and Deloitte have been subject to compromise critical information of millions of people.
However, risk of attack on electric grid is presently of utmost concern. As per an analysis, the U.S electric grid was subject to cyber-attack or physical attack almost every four days, which totals to nearly 100 times in a year. On top of this, the energy sector is one of the three most critical infrastructure that are subject to attack in the U.S every year.
Majority Utility Company Executives Wary of Cyber-attack
Hence, repeated occurrence of security breaches have raised concerns about the impact of a wider outage. Today, in an increasingly connected digital world even one instance of severe outage that lasts a couple of days could bring everything to a standstill. From traffic lights to mobile phones, it also poses risk to life of patients in hospitals as power backup comes to exhaustion.
Worldwide, risk for electric grid tops among other priorities for utility company executives. So much so, as per a recent report by Accenture, nearly two-third executives of utility companies globally believe their country is at some risk of cyber-attack on electric grid leading electric supply interruption in the next five years. For North American utility companies this is the view of more than three-fourth executives. Furthermore, a meagre six percent utility company executives feel to be extremely well-prepared for normal grid functioning following a cyber-attack.