Key Technology Trends Impacting the Energy Sector

The energy sector has been evolving rapidly in recent years thanks to new and upcoming technologies. 2018 is looking to be a milestone year for the energy industry, with the introduction of many new technology trends that are set to be revolutionary in the sector.

The rise of digital has affected many businesses over the years, and the electricity industry is no exception. With everything from artificial intelligence through to increased technological demands in the home, there are a number of technology trends set to impact the energy sector over the coming months and years.

Growing Cybercrime Threat

Cyber-attacks are increasing in every industry across the globe, and the energy sector is no different. Earlier this year the United States Department of Energy announced it was planning on setting up its own Office of Cybersecurity, Energy Security and Emergency Response to tackle the upcoming security challenges. There is also evidence that hackers have been targeting the energy and nuclear facilities for the last couple of years.

Cybersecurity concerns are one of the most pressing issues within the energy sector, and as companies introduce more complex technology systems, the risk and potential for an attack are increased. Many utilities are upgrading systems to provide a higher level of grid intelligence and better communication with customers devices, opening themselves up to more potential security threats.

The Rise in Artificial Intelligence

Artificial Intelligence (AI) has evolved rapidly in recent years and provided the energy sector with a variety of new capabilities such as machine learning, cognitive analytics, deep learning and robotics process automation. These advances in technology have led to powerful systems that can automate increasingly complex workloads and develop cognitive agents that can simulate human thinking and engagement.

AI can be used in the energy sector to streamline, automate and eliminate processes within customer interactions, taking customer experience to the next level. As well as customer service benefits, AI can also be an excellent tool for customer engagement by giving companies the ability to compute a customer’s smart metre data to develop invaluable insights into their consumption habits.

Blockchain

Blockchain has been on the cards for quite some time and is slowly growing in popularity across a variety of industries. While it is currently limited within the energy sector, the potential of this technology should definitely not be ruled out, in fact, it may end up being invaluable in the industry in coming years.

Blockchain offers a permanent and transparent solution that is entirely digital making it really easy to work with. Within the energy sector, blockchain could potentially be used for easily recording transactions and contacts in a transparent and searchable form. The energy sector involves a considerable amount of customer paperwork and blockchain could provide some significant operational benefits such as easily locating records, detecting fraud and clarifying bill disputes.

3D Printing and Smart Materials

In recent years there have been significant steps forward in 3D printing, particularly with print metals becoming significantly cheaper. This will likely be used widely in the energy sector for the creation and maintaining of equipment and systems.

An increased use of smart materials would also have a significant impact on the energy market, and the use of materials that can self-heal could potentially change the industry altogether.

Digital Transformation in Homes

It is no surprise that there is an increased demand for energy in homes across the world. With technology coming on in leaps and bounds in recent years, the amount of electricity being consumed today is very different from that of a few years ago. The introduction of smart technologies such as smart lightbulbs and smart metres has transformed the way consumers use their energy within their homes, and this is only set to become more complex and readily available in the coming years.

The uptake of smart energy products by consumers has been relatively minimal so far, and according to recent research, 72% of people are unlikely to introduce any form of smart home technology in the next five years. However, the individuals who already make use of smart devices have noticed a significant impact on the day to day running of their homes. Many believe the uptake has been slow as consumers are still sceptical of smart energy products, but the market is expected to accelerate rapidly once the popularity of the technology increases.

The energy sector is set for a rapid transformation for the rest of 2018 and the following years, and those within the industry should be preparing themselves or the upcoming changes and opportunities that these technology trends are sure to bring. Not embracing these new technologies will leave your business at risk of being left behind the curve. At Cyan we have experience of providing transformational technology infrastructures for growing businesses the energy sector. Talk to us today to see how we can help your business.

Cybercrime Is On The Increase

 

Businesses have been facing a growing threat from data breaches, ransomware and supply chain weaknesses in recent years. According to the annual report of the National Cyber Security Centre, the number of cyber-attacks on UK businesses increased in the last year and is only expected to continue to rise.

Cybercrime is a very real issue that businesses today must address and protect themselves against, especially with the newly introduced General Data Protection Regulations (GDPR) that took effect in May this year. IT infrastructures and systems are continuing to grow and evolve rapidly and the more technology systems a company has, the more potential there is for a security breach.

Cybercriminals are continually finding new and innovative ways to hack IT systems and to keep your business safe; it is essential to stay one step ahead.

The growing cybercrime problem

Cybercrime among businesses is a growing issue, with almost half of UK firms being hit by a cyber breach or attack in the last 12 months. Organisations of all sizes are under threat from cybercriminals, with firms that hold personal data the most likely to be a target for cybercrime. These cyber-attacks can come in many shapes and sizes, and cybercriminals are getting more intelligent in carrying out these attacks subtly and quickly.

The most common types of attack from the last 12 months were fraudulent emails, closely followed by viruses and malware. In 2017, The Cyber Security Breaches Survey identified that nearly seven in ten large businesses came under a security breach or attack during the year, and these attacks cost each firm an average of £20,000.

It is no secret that cybercriminals are targeting businesses across the UK on a daily basis, and this threat is continuing to grow. A serious security breach can not only be costly to a company but also have a significant impact on customer confidence, and many big brands have been hitting the headlines recently for being victims of massive data breaches. Dixons Carphone recently admitted a considerable data breach where 5.9 million customer bank cards and 1.2 million personal records were compromised, resulting in the most significant data breach ever in the UK.

GDPR and cybercrime

In May 2018, the new General Data Protection Regulations (GDPR) came into effect, in a bid to protect customers personal data and help individuals have more control over how and where their personal data is used and stored. The new regulations mean there are some drastic changes for businesses, as there is now a much higher level of responsibility for how customer data is stored and managed.

The main impact on businesses in the UK from GDPR is the vast fines that can be enforced should a data breach occur. Following a data breach, a firm can either be fined €20 million or 4 per cent of their global turnover, whichever is higher.

Compared with the previous fines, this is a considerable increase and could land a lot of small businesses in trouble should a data breach occur. In 2016 TalkTalk was fined £400,000 for a security breach that gave hackers access to their customer’s data, today that fine would have been a huge £59 million under GDPR.

With the risk of fines that are large enough to put many companies out of business and the increase in security attacks on businesses in recent years, it is more important than ever to make sure your data and security are safe and protected.

How to protect your business from cybercrime

In this day and age, no matter what size your business is or what industry you operate in, someone will try to steal your data, use your systems to spread viruses or hold your computers for ransom. Smaller companies are often considered better targets for cybercrime, because cybercriminals expect them to have weaker security systems in place, and they probably have a point.

Smaller businesses often have less money to spend on protecting themselves than their larger counterparts, but cybersecurity is a vital investment. It can be a struggle to know where to start, especially if you aren’t an expert in the IT. Technology systems are becoming increasingly complex, making protecting them from attackers ever more challenging.

Enlisting the help of an expert such as Cyan for your businesses computer and data security needs is beneficial and well worth the extra money involved. A professional in the field of cybersecurity will be top of the game and the first to know about new viruses and issues, giving them the ability to stay one step ahead of the cybercriminals and implement security patches before a breach has the chance to occur.

It is also vital to remember that under GDPR you are also responsible for how all your chosen suppliers and providers handle your customer’s data. When employing third-party companies to run systems or software for you, be sure to understand exactly how they are working to protect themselves from cybercrime. You could have the best cybersecurity in the world, and if one of your external suppliers doesn’t keep the same standard, you can still be at risk of a cyber attack or data breach.