Cybersecurity threatens renewable energy development

Experts are warning energy development companies that a wave of cybercrime is hitting the energy sector and putting significant pressure on the development of renewable energy sources.

Cybercriminals pose a threat to the renewable energy sector, with potentially serious consequences for power grids from malicious hackers. A skills shortage in the renewable energy and cybersecurity sectors is making the situation worse, according to the report.

Cyberattacks have the potential to cripple a country’s power grid, with the primary goal of causing widespread infrastructure failures. As the renewable energy sector rapidly digitizes, it faces an increased threat of cyberattacks.

With an average of 736 cyberattacks per week in 2021, the renewable energy sector remains vulnerable to malicious online attackers, with high-profile victims in recent years including Vestas and Enercon. The energy sector is a major target for cyberattacks, with 16% of all cyberattacks in 2020 targeting the sector.

These types of cyberattacks can have serious consequences, including causing power outages lasting days or weeks, leading to power shortages and, ultimately, rising energy prices.

Recent cyberattacks in the sector have disabled remote control of wind farms, disrupted prepaid meters and led to repeated data breaches. Research by analytics firm GlobalData shows that in 2022, the average cost of data breaches alone reached $4.72 million in the energy sector.

These types of attacks are often geopolitically motivated, as states seek to exploit weaknesses and exert influence.

To address these challenges, energy companies and stakeholders must invest in cybersecurity solutions and adopt a strategic approach to ensure the security and resilience of their operations. This includes deploying AI-based monitoring and detection platforms to protect Internet of Things (“IoT”) devices from cyberattacks. Additionally, there is a need for collaboration between the clean energy and cybersecurity communities.

One issue directly related to cybersecurity harks back to the global Covid-19 pandemic and the rush to remote work. An April 2020 Kaspersky survey found that almost half of the 6,000 respondents had never worked remotely before.

The study found that due to the rapid shift to remote work during the pandemic, employers failed to provide cybersecurity training in more than 70% of cases, which may go some way to explaining the spike in attacks during that period.

However, one of the biggest issues facing the renewable energy sector over the past few years has been the global cybersecurity skills shortage in the energy sector. It is important to note that the skills shortage is a long-standing problem, and the demand for cybersecurity professionals is at an all-time high.

GlobalData’s Job Analytics research shows that the number of new cybersecurity job postings in Q4 2023 decreased by 32% compared to the previous quarter.

GlobalData’s Power: Hiring Trends & Signals Q4 2023 report also reveals that 43% of all new cybersecurity jobs in the energy industry (tracked by GlobalData) in Q4 2023 were at just five companies: Prysmian, Siemens, Schneider Electric, Elektroprivreda Crne Gore AD and A2A.

According to research compiled by GlobalData, the workforce size is still 65 percent below what is needed. The global cyber workforce gap reached four million people in 2023, despite the global cybersecurity workforce growing to 5.5 million. This demand is expected to continue to grow as organizations become more dependent on technology and face more complex threats.

But the cybersecurity skills gap appears to be stabilizing. That’s partly due to initiatives like the large investments U.S. colleges and universities have made in cybersecurity education over the past five years. As a result, we should see a growing number of computer science graduates entering cybersecurity between now and 2031.

Furthermore, it is estimated that by 2025, women will make up 30 percent of the global cybersecurity workforce, and by 2031, this percentage will increase to 35 percent.