Global Energy Sector Cyber Threats Expanding Rapidly
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According to an April 2025 research report, there has been an alarming increase recently in the number and severity of energy sector cyber threats worldwide. To cite just one example, a Jan. 2025 report from TrustWave indicates that ransomware attacks targeting the energy industry increased by a whopping 80% from 2023 to 2024. The burning question relates to how and why this is occurring.
How and Why Energy Sector Cyber Threats are Increasing
Energy industry and utility cyberattacks, which are driven by a plethora of technological (i.e., more cloud-based computing, AI worms, etc.) and social & geopolitical (i.e., Gaze, War in Ukraine, etc.) variables, can take various forms.
Obviously, ransomware is the most common form due to its lucrative nature. A lesser known cyberattack involves “hacktivism,” in which groups from places like China and Russia try to build credibility by publicizing alleged compromises of various victims’ OT networks. Other threat varieties include DDoS attacks, malware, phishing, spoofing, brute force attacks, SQL injections, and many more.
There have been dozens of cyberattacks across the energy sector the past few years. The most impactful ransomware attack in the energy industry in 2024 was the RansomHub attack on Halliburton in August, which cost the UAE and U.S. based oil service and fracking company approximately $35 million in losses.
Alarmingly, an increased targeting of the nuclear sector has been observed. Three nuclear targets have been identified in the past year alone, although the extent of the impact of these attacks remains unclear. Still, the idea of a nuclear power plant being compromised is extremely scary.
The good news is that the powers that be are not resting on their laurels. The U.S. Dept. of Energy (DOE) and the National Association of Regulatory Utility Commissioners (NARUC) issued new cybersecurity guidelines in 2024. The bad news is that all signs point to a continuing explosion of energy sector cyber threats going forward.
