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Oil and gas industry sitting on cyber-attack timebomb

A cyber-attack could cost the sector $2 billion by 2018

Cyber-attacks which cause physical damage to oil and gas infrastructure could cost the energy industry almost $2 billion by 2018 because of a lack of available insurance, a new report claims. Energy companies are sitting on 'an uninsured cyber-attack timebomb' from this increasing threat, according to Willis Group's 2014 Energy Market Review, published on 8 April. Around 40% of all US cyber-attacks on critical infrastructure assets in 2012 were against the energy sector, the report said.  And the UK government estimates oil and gas companies lose around £400 million ($670m) every year because of cyber-attacks. At a summit in February, Vince Cable, the UK Secretary of State for Business, Inn

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