NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Lives at stake: cybersecurity a global threat for mining giants

Published 25/10/2022, 02:22 pm
© Reuters.  Lives at stake: cybersecurity a global threat for mining giants
IX
-

Lives could soon be at stake if the mining industry doesn’t make cybersecurity a business priority and safeguard against increasingly sophisticated attacks, according to experts in the field.

With the sector’s growing reliance on technology across the entire value chain, cybersecurity is a key issue that will be discussed at the International Mining and Resources Conference (IMARC) at the Sydney ICC next week.

In the past, there has been a surprising lack of concern across the sector. PwC’s 2020 'Global CEO Survey' saw only 12% of surveyed mining and metal CEOs saying they are 'extremely concerned' about cybersecurity threats, as compared with 33% of leaders globally.

IMARC speaker and chairman of the Mining and Metals Information Sharing Analysis Centre, Rob Labbé, says the industry is yet to identify cybersecurity as a key business risk.

“It’s where safety was 20 years ago where it was largely seen as a technical problem, and you put up another guard rail and the issue was solved. Versus now when you'll be hard-pressed to find an operator where safety is not continuously discussed at the executive and board level,” he says.

MinterEllison's Cyber Law and Data Protection practice head Paul Kallenbach, who is also participating in IMARC, says this is changing rapidly but more needs to be done, as while the risks are currently largely surrounding production, finances and information - safety could soon be the biggest concern.

“The industry must be alive to cybersecurity threats. Increased 'technologisation' creates new entry points, which cybercriminals are increasingly exploiting to compromise production and supply chains, potentially jeopardising human safety.

"Indeed, according to a recent Gartner report, it is predicted that by 2025, cybercriminals will have effectively ‘weaponised’ IoT environments to harm humans,” he says.

Labbé agrees, saying many-worst case scenarios involve automated heavy machinery.

“If we think about the types of systems that manage things like automated haulage trucks, you’ve got hollow trucks running around and you've seen the size of those. Maybe it doesn't stop before it gets to the Toyota Hilux which would be markedly uncomfortable for the people in the Hilux.

“Computers are going to do what they're told to do whether it's right or wrong and so the opportunity for that to be affected now is so much greater than it was in the past,” says Labbé.

“Unless we get ahead of this as an industry. It's only a matter of time before a cyber incident is the root cause of a significant safety or sustainability problem for somebody.”

Cyber trends

Among those companies collaborating on trends in mining, investment and innovation towards a sustainable future at IMARC is Dataminr, which works to provide comprehensive real-time perspectives on cyber threats, through AI-based alerting systems.

Nate Green is a Cyber Risk expert with the organisation and has a background in the United States Intelligence Community and says as the entire value chain’s reliance on technology grows, nefarious actors are being presented with an increasing number of opportunities to disrupt companies for financial or political gain.

“Companies are increasingly outsourcing smaller parts of their business to a third party or vendor, and that provides a bigger attack surface, so if I am going after a mining company, I know that I can cause operational disruption by attacking the law firm that they use or a manufacturer that they source parts from,” he says.

“The heaviest sector that we see hit by ransomware far and away is manufacturing and that is not these massive Fortune 1000 manufacturing companies. It is, for example, the small manufacturing company in Perth that you've never heard of but might provide a critical component to a mining company. So when you look at that downstream risk, it’s often the third-party businesses in the supply chain that is your biggest attack surface and the biggest threat to operational continuity.”

And these attacks are only becoming more sophisticated according to Rob Labbé.

“In 2019 at the last in-person IMARC, I would have told you only around 5% of attacks are from sophisticated actors. Now around 25% of the attacks are very targeted, very sophisticated actors versus the spam that we all get in our personal mailboxes, so that's a material shift and it's largely because mining is drawing the interest of the state-sponsored adversaries,” he says.

Labbé points to IMARC as an invaluable opportunity for the sector to work together on solutions to constantly emerging challenges like this.

“As an industry we need to start working together on this, both as a supplier community as well as an operating community, really encompassing the breadth of the industry. This is too big for any of us to do by ourselves.

"It doesn't matter if you're BHP (ASX:BHP) or a small early-stage exploration company - we need to work together to do to solve these issues,” he says.

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.