While the electricity industry thoroughly addressed security risks in order to protect critical infrastructure and ensure continuity and quality of power supply, the new era of automation brings additional cyber risks. according to a new report by the World Economic Forum (WEF).
“With increased automation and digitization, electricity companies are exposed to new cybersecurity risks that are testing the resilience of the power infrastructure,” Rosa Kariger, global chief information security officer, Iberdrola, and co-chair of WEF’s Systems of Cyber Resilience: Electricity Working Group, said. “In this new context, business leaders and regulators struggle to identify the best countermeasures to mitigate these risks and must embrace a collaborative and risk-informed approach to adapt and ensure a resilient ecosystem.”
The report contains a roadmap to resilience for both boards and those directly responsible for managing and mitigation such risks.
For the latter, the effective exercise of oversight of enterprise cyber risk and resilience is key. The report said that the cyber-resilience officer should implement the following actions to ensure effective oversight of cyber risks and resilience by the board:
Frequency of cyber-risk and cyber-resilience reporting to the board.
Corporate officers accountable for cyber resilience should implement the following actions to ensure an effective governance model by the board, said the report. This should include the following parameters:
Suggested metrics can include:
Read the report Cyber resilience in the electricity eco-system