Texas-based oil service company Halliburton (NYSE:HAL) has allegedly suffered damage from a cyberattack, according to a Reuters report quoting an unnamed source with internal knowledge of the matter.
While details of exactly what occurred remain scarce, Halliburton has since confirmed that it was aware of an “issue” affecting certain systems, engaging with external experts to investigate and deal with whatever fallout may occur.
“We are aware of an issue affecting certain company systems and are working diligently to assess the cause and potential impact,” a Halliburton spokesperson told SecurityWeek in a statement.
“We have activated our preplanned response plan and are working internally, and with leading external experts, to remediate the issue.”
Reuters reports the supposed attack affected the company’s Houston offices and several global connectivity networks, with employers asked not to connect to internal networks, according to Reuter’s source.
Cybercrime on the rise
This isn’t the first time a major energy provider has been negatively impacted by cybercrime.
In 2021, oil prices briefly shot up as a ransomware attack on a major Texan oil pipeline cut the flow of 380 million litres of oil for five days until a US$5 million ransom was paid.
The same year, Saudi Aramco (TADAWUL:2222) was hit for the second time by a ransomware attack that affected 35,000 computers, with cracker group ZeroX demanding US$50 million for its leaked data.
A report by GlobalX ETFs estimates damages from cyber attacks has risen almost three-fold since 2019, rising from US$11.5 billion to US$30 billion in just four years.
Three of the largest corporate cyberattacks have also happened in the past two years: UnitedHealth (NYSE:UNH) notched US$1.5 billion in damages, Clorox US$356 million and T-Mobile US$350 million.
Generative AI tools are making phishing and similar social engineering attacks much easier to orchestrate, increasing the frequency of attempts (and thus the risk of an incursion) significantly.
On the other hand, they can also play an important role in countering cyberattacks, automating areas of cybersecurity and reducing costs while increasing accuracy – companies using AI cybersecurity solutions have reported a 27% decrease in the cost of data breaches.
“The surge in IT security attacks has highlighted the need for organisations to revamp their identity security frameworks,” Cybersecurity firm HYPR co-founder and CEO Bojan Simic said.
“While AI offers considerable potential, it is not a silver bullet.”
“As the cybersecurity landscape continues to evolve, so must identity security strategies as well.
“One cannot overstate the importance of staying ahead of emerging threats and adopting innovative solutions.”