A sectoral assessment from Moody's reveals that the oil and gas industry showcases high levels of cyber awareness, with more than 90% of companies employing dedicated cybersecurity staff and a quarter linking CEO compensation to cybersecurity goal achievement. The survey found that all respondents have incident response plans, with over 80% using multifactor authentication. However, only 67% of sector respondents reported regularly taking backups, which is lower than the corporate average
Despite cyber insurance take-up being below the corporate average of around 80%, the industry expresses high confidence in internal security and risk management practices, leading to low adoption rates. Cybersecurity premiums in the oilfield services have increased by 315% between 2020 and 2022, significantly higher than the corporate average growth rate of 50% during the same period. ```https://www.bankinfosecurity.com/oil-gas-firms-aware-cyber-risks-a-26525