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Global Cyber Security for Oil & Gas Market 2022: Increased Use of Mobile Devices in Offshore Rigs to boost Market

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Published on : Nov 15, 2017

The global cyber security oil and gas market is driven by the growing government pressure, threats from terrorist attacks, cyber attacks, and security compliance and regulations.  Oil and gas cyber security is defined as a security process in which the upstream downstream and midstream operational sectors are secured with the help of network security measures coupled with physical security so as to minimize losses associated with security breaches thereby ensuring operational efficiency. The global cyber security oil and gas security is driven by the lack of comprehensive solution for the security of this sector and increased number of insider threats and physical attacks. 

Oil and gas industry has recently witnessed high profile cyber attacks which will drive the growth of this market. The surge in the number of cyber attacks targeting the oil and gas industry has compelled high investments in the oil and gas security solutions. Terrorist attacks, sophisticated, and high profile cyber attacks can easily target the physical assets in the oil and gas installations. For conducting effective audit trail and for preventing security breaches, various surveillance and monitoring techniques can be used within the oil and gas sector. Some of the surveillance monitoring techniques used in oil and gas industry includes mass notification, video surveillance, and perimeter security. 

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The heightened use of mobile devices while working on offshore rigs especially in remote areas has led to an increased investment in network security so as to keep the network infrastructure and communication lines secure and robust. Other factors which will drive the growth of the global cyber security oil and gas market include rising trend of bring your own device, increased spending by oil and gas companies on the infrastructure and network protection, rising incidences of high-profile profile cyber attacks, increase in regulatory compliances, green political turmoil in the Middle Eastern countries, increased concern and thus growing investments towards vulnerability assessment and management.

On the on the basis of geography, it is estimated that North America will lead in the market during the forecast period. Since this region has always been in the forefront of adopting innovative and advanced security solutions within the oil and gas sector, the market for cyber security in the oil and gas sector will flourish in this region. Another factor boosting the growth of the North American cyber security oil and gas market is the integration with cloud and mobile technologies for providing security solutions as this provides effective security access mechanism and enforces highly secure framework within an equally secure installation.

Latin America is also estimated to account for key shares within the cyber security in oil and gas market. As a major contribution of the world's energy supplies is fulfilled by the Middle East it is not surprising that this region is fast becoming a target area for many cyber crimes and attacks. Interconnected networks and central control system is widespread within the Middle East and Africa oil and gas sector. Thus, the need to address and counter cyber threats and attacks is paramount for the Middle East oil and gas industry. This will fuel the cyber security in oil and gas market in the Middle East. 

On the basis of type the global cyber security for oil and gas market can be segmented into endpoint security, cloud security, network security, and application security. By application, the global cyber security in oil and gas market is segmented into pipeline and transportation, refining and storage area, and Exploration and drilling.

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