Efforts are required to enhance cybersecurity and increase awareness on the risk, so as to obtain confidence among the energy players. Tougher regulations imposed on energy companies would mitigate significant compliance failures. More fundamentally, the risk of attacks in the sector is increasing at a time when dependence on operational technology (OT) is growing fast, and companies must take steps to strengthen their resilience accordingly. Energy professionals require higher confidence in their cybersecurity posture. In turn, it measures the strength of the grid defences and recovery plans, and aligns with the benchmarking of grid- connectivity performance, besides identifying the improvements needed to be made. It is also important to outline systematically the gaps in the cybersecurity defences, plan for breach and attacks that could potentially happen, and identify solutions. This exercise should be conducted continuously to improve capabilities over time as well as to keep up with technology. The C-suite level is required to provide the requisite clarity to effectively evaluate potential threats and make informed investment decisions. This matter warrants significant concern from all energy and power stakeholders, including employees, shareholders, and customers alike. To foster collaboration among individuals from different parts of the organisation, it is essential to recognise that success extends beyond the mere comprehension of distinct communication styles and workplace cultures. IMPROVE COMMUNICATION AND COLLABORATION STEP UP EFFORTS TO ENHANCE CYBERSECURITY
Energy firms are currently awaiting regulatory guidance to facilitate their investments in cybersecurity. However, this approach is fundamentally flawed. It is imperative that these firms take proactive steps to invest in cybersecurity, not only to ensure compliance but also to prevent increasingly stringent penalties imposed by regulators. They must also prepare for more rigorous cybersecurity requirements that are likely to emerge. In practice, it involves a strategic commitment to resilience. Energy companies should shift their focus from simply “ticking boxes” on regulatory checklists to actively managing cyber threats and vulnerabilities. This approach not only mitigates risks but also unveils new opportunities that effective cybersecurity management can bring. To ensure the readiness of their operations, businesses should reinforce the argument that cybersecurity is integral in shaping the future of the energy industry. This perspective highlights the strategic importance of cybersecurity initiatives. Additionally, it can serve as a compelling factor in attracting cybersecurity talent, a critical but often elusive resource in the industry. PREPARE FOR NEW REGULATIONS While coaching and workshops play a vital role in this endeavour, a fundamental component lies in the cultivation of mutual respect. It is imperative that a culture of respect and recognition is fostered, where the value of everyone’s role is acknowledged as distinct and invaluable within the organisational landscape. Taking a proactive approach to cyber security can help drive competitive advantage. Organisations at the forefront of defining excellence, meeting new standards, and implementing best practices will secure an edge over their less fleet-of-foot competitors. The commercial benefits of cyber are important to highlight, considering the cost of cybersecurity due to grid technical and non-technical losses. BUILD CAPACITY AND UNLOCK RESOURCES
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Malaysian Technology Strategic Outlook 2023/2024 Energy, Healthcare & Space Industry
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