The oil and gas industry has transformed through the adoption of many new technologies. Information Technology (IT), Operational Technology (OT), and Internet of Things (IoT) utilization has catalyzed the need for organizations to fully scope and monitor their digital processes. For companies seeking a digital transformation in the oil and gas industry, utilizing OT, IT, and IoT has proven to be the driving force behind the innovation among oil and gas companies.
How Information Technology (IT) is Driving Digital Transformation in the Oil & Gas Industry
According to research conducted by Ipsos-Reid on behalf of PeopleSoft, 80% of participants strongly agree that IT is a critical issue for the oil and gas industry today.
Innovations in IT have allowed for increased efficiency and analytic visibility across supply chains and organizations using real-time data, as they increase their asset reliability, performance, and productivity to meet the oil and gas industry’s needs. Using digital technology to observe trending data can allow for automation across your digital operations, increasing safety by automatically flagging potential concerns. It can also give concrete insight into gaps in organizational productivity. Advancements in Artificial intelligence (AI) and Machine Learning (ML) have enabled companies to respond effectively using a digital strategy that can account for big data and reduce costs of manufacturing and production.
The Marriage of Operational Technology (OT) and IT in Oil & Gas
Operational Technology remains one of the most exposed areas in many oil and gas companies. The hardware and software utilized by organizations is now under fire more than ever before, and protecting those assets should be of the utmost importance. In the wake of the COVID-19 pandemic, cyber-attacks have increased exponentially across every industry and show no stopping signs. In the past, OT worked independently from IT. Yet as oil and gas digital transformation takes off and modernizes, OT has become intertwined, bringing rise to the need to adopt risk management alongside other mechanisms to mitigate OT cyber threats.
Securing the Internet of Things (IoT) in O&G
IoT technology is responsible for governing devices and information systems that transmit data over the network or are embedded with electronics, sensors, software, and network connectivity. These include but are not limited to vehicles, wearable devices, and buildings. Because these devices transfer data without human assistance, data can be transmitted frequently and automatically, allowing automation and visibility to direct how these devices are monitored, regulated, and protected. Undergoing digital transformation using IoT can enable an organization to track digital users and their privileges, allow remote monitoring of individual organizational assets and networks, configure sensors for independent units, set alarm protocols and automatic notifications or alerts, and log data as well as events.
Using integrated risk management in tandem with your OT, IT, and IoT processes can allow for centralized visibility and harmonization across your organization. Helping further accelerate a digital transformation that can be understood across all levels of a company. Using integrated risk management is scalable across any business or model with cost saving opportunities. Utilizing a gold standard framework like the NIST CSF can help further automate and streamline data driven digital transformation efforts. New risks facing the oil and gas industry have prompted the initiation of industry 4.0, and new technologies have allowed accuracy in turbulent times. Using an integrated risk management solution like CyberStrong can automate your cybersecurity, optimize oil and gas operations, and harmonize risk and compliance efforts across the entire organization. If you have any questions about IRM, cyber risk, or where to start when initiating your digital transformation, give us a call at 1-800 NIST CSF or click here to schedule a conversation.
