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Forecast: Rise in oil and gas security sector revenues

Market analysis firm forecasts a rise in revenue for companies providing cyber-security for the oil and gas industry.
By Richard Tomkins   |   June 9, 2014 at 3:17 PM   |   Comments

LONDON, June 9 (UPI) -- The security market for oil and gas assets is tipped to grow between this year and 2021, according to a new analysis by Frost & Sullivan.

The predicted increase is from $19.63 billion in 2013 to $24.68 billion.

"Security system manufacturers will find more opportunities and earn higher profits from the upstream oil and gas segment than the midstream or downstream segments," said Frost & Sullivan Aerospace & Defense Research Analyst Katherine Evans. "Regardless of this, security system manufacturers must continue to provide solutions across all segments, with particular focus on surveillance and intrusion detection."

The study notes, however, that although cyber-attacks are a threat to the oil and gas industry, many companies remain focused on areas such as fire detection and prevention when spending on security systems. National and international legislation and initiatives highlighting the need for protection against cyber-attacks are needed, it said.

"With the implementation of the aforementioned measures, cyber-security will emerge as the highest-priority area for oil and gas companies," Evans said. "In preparation for this, market participants should try to integrate Internet connection sharing and ICT systems so that a holistic view of the infrastructure can be obtained. This will enable end users to ascertain where the attack is coming from, and treat the cause rather than the symptoms."

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