Utilities and power producers have an additional business risk
that may need to be reprioritized. While there has been a long
standing concern of possible cyberattacks against critical
infrastructure, the energy industry has been relatively unscathed.
Recently, however, there have been various reports of successful
attacks worldwide. The Washington Post
reported the first known incident where a cyberattack caused a
blackout. It occurred on December 23, 2015 in Ukraine's
Ivano-Frankivsk region leaving parts of the region without power
for several hours. Several security websites reported that it is
believed the attackers gained access through a fake email from an
apparent official government mail account.
The Wall Street Journal reported on a previously undisclosed
cyberattack in 2013 that enabled hackers to infiltrate the control
systems of a New York dam designed to mitigate flooding and which
has a computer operated sluice gate. The report suggests that
"while the hackers never took control of the dam, they were
able to penetrate the electronics system." The same report
mentions an attack on a German steel mill which caused physical
damage to the mill's equipment. These incidents highlight the
risk of bringing industrial control systems on-line.
As cybersecurity concerns continue to come to the forefront,
businesses will need to better identify their cyber risk assets and
prioritize the resources allocated to protect those assets.
Critical infrastructure regulators have urged companies to boost up
their cybersecurity measures and enhance their business continuity
and disaster recovery plans. Senior management will need to better
understand the tradeoff between the business risk and the impact of
a cyberattack, and how cybersecurity will impact their
organization's business relationships with competitors,
providers and customers. Senior management will also need to
consider how to adequately invest in staff training to ensure that
employees become more security savvy when using the company's
Canada is a constitutional monarchy, a parliamentary democracy and a federation comprised of ten provinces and three territories. Canada's judiciary is independent of the legislative and executive branches of Government.
In Bank of Montreal v Bumper Development Corporation Ltd, 2016 ABQB 363, the Alberta Court of Queen's Bench enforced the "immediate replacement" provision in the Canadian Association of Petroleum Landmen 2007 Operating Procedure...
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