Closing the cybersecurity gap: the hidden threat to renewables [Yahoo! Finance]
PRYSMIAN S.P.A. UNSP/ADR (PRYMY)
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Source: Yahoo! Finance
Averaging 736 cyberattacks per week in 2021[i], the renewable energy sector remains susceptible to hostile attackers online, with high-profile victims in recent years including Vestas and Enercon. The energy sector is a primary target of cyberattacks, with 16% of all cyberattacks aimed at the sector in 2020[ii]. These cyberattacks can have significant consequences, such as taking down power grids for days or weeks, causing power shortages, and ultimately increasing energy prices. Recent cyberattacks in the sector have disabled remote controls for wind farms, disrupted prepaid meters and led to recurrent data breaches. Research curated by analytics firm GlobalData shows that, in 2022, the average cost of data breaches alone reached $4.72 million in the energy sector[iii]. These attacks are often geopolitically motivated, as countries seek to exploit vulnerabilities and exert influence. To address these challenges, power companies and stakeholders must invest in cybersecurity soluti
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