Canadian oil major Cenovus Energy Inc. (CVE - Free Report) recently picked cyber security provider Nozomi Networks for its strategic industrial control systems (“ICS”). Nozomi Networks will provide services in the remote upstream production sites of Cenovus.
Cenovus, following a comprehensive review, has chosen Nozomi Networks for its superior know-how in ICS cyber security. To ensure efficient and uninterrupted operations at Cenovus, Nozomi Networks will provide real-time monitoring, security and analytics with the most advanced technology available. Along with ICS monitoring, the deal can bring Cenovus hybrid threat detection, process anomaly detection, industrial network visualization, asset inventory, and vulnerability assessment. Nozomi Networks has been helping global oil and gas leaders since 2013.
This move by Cenovus is much required in the industry as data breach is a constant threat to energy companies. The company uses SCADAguardian as the base of its ICS cyber program. The periodic enhancement of cyber security and system upgrades has assumed greater significance since 2010, when a computer worm named Stuxnet targeted SCADA systems. Stuxnet affected several oil companies including ConocoPhillips (COP - Free Report) and Chevron.
Moreover, in the 2011 to 2015 period, the U.S. Department of Homeland Security recorded at least 350 breach attempts at energy companies. Every month, on an average oil major ExxonMobil Corporation (XOM - Free Report) blocks more than 64 million emails, 139 million Internet access attempts and 133,000 other actions, which are potentially malicious.
About Cenovus and Zacks Rank
Spun off from Encana Corp. (ECA - Free Report) in 2009, Cenovus is an integrated oil company headquartered in Calgary, Alberta, Canada. The company is focused on growing its oil projects and establishing natural gas and crude oil production in Alberta and Saskatchewan. Cenovus continues to work on advancing technologies to reduce the amount of water, steam, natural gas and electricity used in operations and to decrease surface land disturbance.
Cenovus carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cenovus has lost 34.8% year to date compared with 10.2% decline of its industry.
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>