How “trust by design” is key to reliable green energy

The integrated topology of the smart grid has lots of features and benefits, such as efficient and reliable power. However, it introduces some serious considerations in the cyber world:

• Distributed energy resources with lack of coherent cybersecurity focus and ownership
• Extensive interconnections with web-based or internet-facing platforms
• Data security and privacy vs. consumer data collection, processing and analysis
• Threat expansion or an increase in the frequency and sophistication of cyber attacks
• Large digital landscape and footprint or an increased attack surface

To mitigate the severity of the six global environmental risks noted by the World Economic Forum report, investment in renewable energy enabled by large-scale digital transformation is crucial. However, it’s important to note that this transformation could also increase vulnerability to the technological risk of widespread cybercrime and cyber insecurity, which must be addressed proactively for a sustainable and secure future.

The EY Trust by Design methodology is a critical approach to cybersecurity that can help organizations build secure and trustworthy computing environments, protect sensitive data, and maintain the trust of stakeholders and consumers. It instills a risk optimization mindset and embeds trust into services and products from the outset. The following are key success factors for overcoming the aforementioned cybersecurity challenge through Trust by Design.

It is crucial to establish strong governance so that the organization is equipped to respond to cybersecurity incidents, protect data, manage risks and support business objectives.

To enable asset visibility for a better understanding of the status of all connected assets, it is essential to maintain comprehensive and continuous discovery as well as an inventory.

Secure design is an essential component of building secure and resilient systems that can protect data, applications and infrastructure from cyber threats.

Trusted components and periodic assessments are necessary for the timely identification of security vulnerabilities holistically across the utility environment as well as prioritization of remediation efforts across all technologies based on business impact and risk appetite.

In the face of ever-evolving cybersecurity threats, supply chain and third-party risk management plays a critical role in maintaining the security and resilience of an organization’s operations.

In cases where human efforts are insufficient, AI-based monitoring and detection can effectively differentiate between operational events and cyber events, enabling organizations to determine the root cause of the incident.

The implementation of incident response plans and regular drills is crucial because the ability to detect and respond to security incidents quickly is inversely proportional to the incident’s likely level of impact on the organization.