A large number of global CEOs on Wednesday committed to a collective action on cyber resilience and called upon the industry to come together to stop harmful cyberattacks.
Making the announcement during its Annual Meeting 2022 here, the World Economic Forum said that for the first time, 18 global organisations from the oil and gas ecosystem are championing a unified approach to mitigating growing cyber risks and pledging to promote cyber resilience.
The global cost of cybercrime is expected to reach USD 10.5 trillion a year by 2025 and the threat of infrastructure breakdown due to a cyberattack is the top personal concern for cyber leaders, the WEF said.
It also invited organisations across sectors to endorse the Cyber Resilience Pledge and enhance cybersecurity throughout their systems.
The pledge aims to mobilise global commitment towards strengthening cyber resilience across industry ecosystems.
Organisations endorsing the pledge commit to collaborating and taking collective action on cyber resilience.
Launched with the support of organisations engaged in the WEF’s Cyber Resilience in Oil and Gas initiative, the pledge seeks to empower organisations to take concrete steps to enhance cyber resilience across their industry.
The organisations that have taken the pledge are: Aker ASA, Aker BP, Aramco, Check Point Software Technologies, Claroty, Cognite, Dragos, Ecopetrol, Eni, EnQuest, Galp, Global Resilience Federation, Maire Tecnimont, Occidental Petroleum, OT-ISAC, Petronas, Repsol and Suncor.
“First endorsed by key CEOs in the oil and gas value chain, the Cyber Resilience Pledge is a landmark step as it signals recognition of the complexities of building a cyber-resilient industry ecosystem and a commitment towards collective action to achieve it,” said Alexander Klimburg, Head, Centre for Cybersecurity, WEF.
The pledge promotes a shift towards a resilience-by-design culture, ecosystem-wide, cyber-resilience plans and greater collaboration between players.
Cyberattacks on the Colonial Pipeline in the United States in May 2021 and on European oil facilities in February 2022 forced the facilities to operate at limited capacity, causing huge economy and society-wide disruptions.
The Forum said it will continue to promote the pledge across multiple industry ecosystems with the objective of facilitating the implementation of the cyber resilience principles.