Frost & Sullivan: Vulnerability Of Oil And Gas Infrastructure Drives Security Investments
LONDON, Jan. 17, 2013 /PRNewswire/ -- Security of critical facilities remains the topmost priority for the global oil and gas industry. Escalating demand for oil and gas, the construction of new facilities, and physical and cyber threats to these installations have led to growth in the oil and gas infrastructure security market.
New analysis from Frost & Sullivan ( http://www.defence.frost.com), Global Oil and Gas Infrastructure Security Market Assessment, finds that the market earned revenues of $18.31 billion in 2011 and estimates this to reach $31.27 billion in 2021.
The vulnerability of oil and gas infrastructures to various threats – both physical as well as cyber – is a matter of great concern for their operators. This is causing them to invest heavily in security.
"Global oil and gas companies are investing capital in new infrastructure projects, driving the need for security solutions at these facilities," noted Frost & Sullivan Aerospace, Defence & Security Senior Research Analyst Anshul Sharma. "With increasing awareness of threats, companies are adopting a security-risk management approach and implementing risk assessment of their facilities to ensure security Return on Investment (ROI)."There is a growing preference for total solutions with flexible integration of individual security systems like access control, video surveillance and intrusion-detection on one platform. Heavy investments in cyber security are also projected due to various attacks on energy facilities in the past five years. "The threats may vary from information theft to a terrorist attack, but the economic impact and financial damage in case of an attack will be much more significant," explained Sharma. "It would also depend on the motive of the attacker. For example, a cyber attack to remotely control a SCADA system can have more serious consequences than a cyber attack to steal information."
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