American Oil and Gas Reporter - November 2022 - 58

SpecialReport: Computing & Cybersecurity
Co., an independent based in Shreveport,
La. " PakEnergy has cut my time processing
and paying vendor invoices by
around 60%, " she says.
Rhymes says the exchange supports
more than invoices; it can be used for securely
sending or signing other documents,
such as division orders, run
statements, owner statements, 1099s,
W9s, insurance certificates, ACH forms
and change of address forms.
Business Intelligence
To simplify decision-making, many
companies are looking for ways to break
down data silos and transform complex
data into informative graphs, Rhymes
says. " We know such business intelligence
matters because we have seen
smart companies spend thousands or millions
hiring BI consultants to cobble tools
together in their own environment, " he
comments. " Many of these companies
did a great job and now have access to sophisticated
reports and graphs.
" But developing internal systems is too
expensive for most of the market, " Rhymes
assesses. " To make BI more affordable, we
have developed an off-the-shelf analytics
package that is easy to set up but flexible
and intuitive enough to appeal to companies
that want to build their own reports. "
As part of PakEnergy's integrated
platform, Rhymes says this intelligence
package can access data from several departments,
including land, production,
accounting and transportation. " There are
lots of use cases, " he reports. " For example,
operators can track wells' profitability
as oil quality varies. Our first
purchasers can link the package with our
exchange system and monitor vendors'
costs and performance to identify the
ones that provide the most value. "
PakEnergy takes cybersecurity very
seriously, Rhymes assures. " We have a
tight partnership with a security firm that
does all our testing. We do formal annual
reviews as part of maintaining our cybersecurity
certifications. And we monitor
our environment closely and conduct
quarterly reviews, " he relates.
Rhymes adds that the company is certifying
that all its products meet SOC 2, a
standard developed by the American Institute
of Certified Public Accountants
that governs how cloud-based companies
manage and protect data. " We expect getting
the certifications to take nine to 12
months, " he says. " The products that have
not yet demonstrated SOC 2 compliance
still follow the associated procedures. "
In general, Rhymes says cloud-based
services will be more secure than internal
infrastructure. " Several of our clients were
breached because of issues they missed, "
he says. " For these companies, providing
and securing computing infrastructure was
a necessary evil. For a software developer,
it is part of our core business. "
Why Cybersecurity Matters
When oil prices rise, it has ripple effects
throughout the economy, observes
John Lundgren, who spent 15 years in cybersecurity
with the U.S. Navy before cofounding
BreachBits in 2018 with fellow
cyberwarfare veteran J. Foster Davis.
" Given how much disrupting oil supplies
affects our economy, oil and gas companies
can be an attractive target for politically-motivated
hackers, " he says.
Other cybercriminals primarily seek
financial gain, Lundgren describes. " Like
any commercial enterprise, the financially-motivated
actors want to be as efficient
as possible, " he says. " They search
for targets of opportunity who can offer
a quick return on investment, such as
companies with exposed passwords and
vulnerable infrastructure. "
But even money-oriented hackers will
go after specific companies that seem likely
to pay a large ransom, Lundgren warns. " To
identify these companies, attackers scan
press releases for news of large investments
or acquisitions. They see capital infusions
as a signal the company can withstand an
attack and pay a large ransom. "
As oil and gas companies digitize, inWith
automated tools, BreachBits says it can probe upstream, midstream and downstream
companies' digital infrastructure for unpatched software, easily-guessed passwords, configuration
issues and other weaknesses hackers exploit. When paired with the right
culture, such testing can help companies deter hackers and respond quickly to any
attacks that still occur.
58 THE AMERICAN OIL & GAS REPORTER
tegrate and automate more business functions,
their cyber-risks may increase,
Lundgren says. " However, we have seen
companies in the upstream, midstream
and downstream segments of the energy
industry deploy automation while maintaining
strong cybersecurity, " he assures.
Lundgren cites a report BreachBits
published earlier this year after assessing
98 energy companies' vulnerability
to attacks using automated tools. While
every sector had companies at high risk,
41% of the firms analyzed had low or
very low risks.
" Successful companies tend to think
about cybersecurity as they are digitizing

American Oil and Gas Reporter - November 2022

Table of Contents for the Digital Edition of American Oil and Gas Reporter - November 2022

Contents
American Oil and Gas Reporter - November 2022 - Intro
American Oil and Gas Reporter - November 2022 - Cover1
American Oil and Gas Reporter - November 2022 - Cover2
American Oil and Gas Reporter - November 2022 - Contents
American Oil and Gas Reporter - November 2022 - 4
American Oil and Gas Reporter - November 2022 - 5
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American Oil and Gas Reporter - November 2022 - Cover3
American Oil and Gas Reporter - November 2022 - Cover4
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