Auditors Worried about Cyber Risks in Power Industry

According to PricewaterhouseCoopers’ new report, the senior level audit executives in the utility and power industry level cyber security as the uppermost danger and the major concern for their industry.

During the ninth annual survey of PricewaterhouseCoopers, the senior audit management in the utilities and power industry originated that as information technology carries on, to be a high danger part between CAEs, it is also a key facilitator for more successful and well-organized hazard management through data analytic sand conformity, governance and risk technologies.

The report said, “In recent years, the dangers of a cyber weapon of mass devastation obtaining the segments of American power network turned into very genuine for utilities. From these a lot of utilities are closely paying attention on IT security. But in reality the respondents of survey think overall the cyber security is at the highest risk and most attention demanding.”

The report also revealed that hackers are acquiring more complicated and a lot of violation has increased noticeably. So keeping in mind this issue, many companies are paying attention on IT security, increasing investments in getting new technology and operations.

As the extent of risks carries on to boost in the utilities and power sector, the internal audit departments of companies are trying to put their huge effort to overcome the security risks more efficiently by means of the newest investigative facilities.

According to poll of PwC as cited by CAEs these are critical risks and need improvement by the companies over the next one or two year. According to PwC, the 58 % of values have made a collective risk declaration map to assist for putting together their company’s risk guarantee roles.

Many chief internal audit groups are now doing much effort for more practical actions by carrying out maturity evaluations in which they are assessing processes, technology and people, while operating openly with security and conformity staff to construct risk controls and inventories.