Oil Updates — crude rises 1% after Fed keeps rates unchanged

Oil Updates — crude rises 1% after Fed keeps rates unchanged
Oil Updates — crude rises 1% after Fed keeps rates unchanged

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Jeddah - Yasmine El Tohamy - RIYADH: The energy sector is notably susceptible to cybersecurity attacks by new technologies, warns CEO.

In an address at the Global Cybersecurity Forum in Riyadh, Amin H. Nasser outlined that while rapid digitalization has greatly improved efficiency, new technologies pose “unique risks” that energy companies are more susceptible to.

Last year, 97 zettabytes of data – equivalent to 97 trillion gigabytes — were generated internationally.

As the world digitalizes, the volume is predicted to reach 175 zettabytes by 2025. According to the CEO, this unprecedented growth has also increased susceptibility.

“While all industries face threats, the energy sector in particular, is an attractive target to those who want to do harm. We play a critical role in the lives of billions of people. We supply the products that the world economy needs to make modern life possible,” Nasser said.

“Any large-scale disruption to the steady supply of energy would have an immediate and significant impact around the world,” he added.

Warding off potential threats cannot be the responsibility of a sole institution or sector. The CEO emphasized that a global obligation between all entities is needed to ensure collective protection.  

“We know that cyber incidents really localized to any one organization or industry. Our collective security requires close collaboration between all stakeholders regionally and globally,” he said

He further outlined initiatives by Aramco, such as the founding of the new operational Cybersecurity Center of Excellence and a master’s program in collaboration with the Georgia Institute of Technology. The program focuses on a “cutting edge cybersecurity curriculum” and has already witnessed 140 graduates.

New technologies, such as generative AI, which serves to contribute between $2.6 to $4.4 trillion to the global economy, according to Nasser, must be assessed to identify how they may pose new threats, and any vulnerabilities must be addressed before it is fully deployed.

“AI, it’s new, it is exciting. And it is a game-changer for many industries including energy with generative AI tools now part of the daily life for hundreds of millions of people that economies potential is truly astounding,” he said.

“It is absolutely critical that we keep our guard up. This approach enables us to harness the powerful potential of new digital innovation while mitigating their risk,” he added.

Nasser outlined that the Kingdom has already established impressive guidelines to advance AI capabilities in a safe, secure, and responsible manner.

He noted that moving forward, collaboration between all stakeholders can help to establish international standards and best practices that keep up with the rapid pace of development.

The CEO also used the forum to warn against complacency and to ensure vigilance in all sectors.

“This forum is a great opportunity to carry on that work at Aramco. We believe that continuous innovation backed by comprehensive cybersecurity regime is critical to our future,” he said.

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