Dealing With the Increased Risk of Cyberattacks

What does it take to prepare for a cyberattack and how is technology helping with cybersecurity preparedness? These were just two of the questions posed in our latest Time for Energy webcast. Watch the full episode below.

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While a new geopolitical situation has increased the risk for cyberattacks, 95 percent of attacks are still financially motivated.

With new players and technologies entering the energy market, interaction between market and players has become increasingly digital. Because of that, cyber security is starting to take centre stage.

In this episode of Time for Energy, hosted by Volue CEO, Trond Straume, Brynjar Larssen-Aas, Chief Information Security Officer at Volue was joined by Margrete Raaum, CEO of KraftCERT, a company that offers cyber incident management and information sharing to the energy market. 

During the webcast, Brynjar Larssen-Aas, Chief Information Security Officer at Volue, said:

“During the pandemic, the number of cyberattacks more than doubled. We also saw an increase in the number of groups that are behind such attacks. As for malware, phishing, and ransom demands – all are increasing.

“Approximately 95 per cent of attacks are financially motivated. 7 out of 10 business leaders face and identity an increased risk for their organization. As a consequence, cyber security should have a stronger and more structured place in an organisation’s business strategy going forward,” added Larssen-Aas. 

Raaum provided this answer to the question: “What is good cyber security”, asked by Trond Straume.

“Having the whole organisation invested in security, is absolutely key. As is standardisation and learning from incidents. Not all do learn,” says Raaum. 

Of course, having experienced a cyberattack firsthand in 2021, Larssen-Aas says Volue is doing a lot differently today.

“We have of course identified and mitigated the factors that made the attack possible. We have increased our 24/7 capacity, made structural changes to the organisation, and improved overall governance work. Security work has changed from a set of actions to behavior. It is vital to incorporate security into our daily work. By having continuous user awareness and training processes, we can achieve that,” added Larssen-Aas.

Watch the full eposide below, or listen to the podcast version.

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The energy industry faces many challenges. But in challenges lie opportunities. Time for Energy is a series of discussions with industry experts and leaders about technology and the opportunities in the energy transition, hosted by Trond Straume, CEO of Volue. Automation, digitalisation, optimisation, innovation – what does the future hold?

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