Issue link: https://resources.genetec.com/i/1221147
How the energy and utilities industry is evolving Demand for renewables drive M&A Cross-border investments in renewable energy combined with the convergence between oil, gas, and power utilities are driving mergers and acquisitions (M&A) within the industry. According to the EY Power Transactions report, clean energy deals continue to dominate the M&A universe, making up 61% of deal value 1 . As companies converge, so do security departments. How do you standardize and centralize your security as you inherit legacy security systems that were never really meant to work together? Evolving regulations New laws and energy industry regulations are coming out to help protect consumers, the market, and critical infrastructure. As industry globalization is leading to increased collaboration within the supply chain, nearly 60% of organizations have had a breach that was caused by one of their vendors 2 . Yet, as regulations enter the new digital era, your security team needs to modernize and rationalize your regulatory, legal, and compliance functions and practices. So how do you ensure that your operations are always compliant while also simplifying audit reports? New threats are emerging The Industrial Internet of Things (IIOT) and the increasing popularity of smart power grids come with the inclusion of networks that connect grids and consumers to databases, maximizing the potential number of entry points vulnerable to cyberattacks. Hacker groups are much more organized and sophisticated compared to the lone wolf hackers. And, increasingly, cyber intrusions are often the result of trusted employees and contractors, whether intentional or unintentional 3 . Have your physical and cybersecurity plans converged to protect your critical infrastructure from today and tomorrow's threats? Sources: 1. How demand for renewables drives M&A activity 2. Ponemon Institute Cyber Risk Report 3. Insiders are today's biggest security threat