Cyberattacks on European energy cement new dynamic

Significance

The firms include Germany's tank storage and terminal firm Oiltanking and energy firm Mabanaft, Belgian energy firm Sea-Invest and Dutch oil and gas firm Evos. These attacks, coupled with the damaging ransomware attack against US Colonial Pipeline last year, underline the growing vulnerability of critical infrastructure companies to malicious hackers.

Impacts

• Breach-related reporting requirements applying to European critical infrastructure firms are likely to expand.
• Critical infrastructure operators will increase investment in external cybersecurity services and cyberinsurance.
• Tensions between the EU and Russia will impede collaboration on tracking down the hackers behind the recent attacks.