Cyberattacks Against Major Mining Companies on the Rise

The digital transformation of the mining sector has led to a significant rise in cyberattacks, with incidents increasing by 15% in 1H24 compared to the same period in 2023. According to cybersecurity firm SILIKN, there were 1.5 million hacking attempts, underscoring the urgent need for the industry to enhance its protection against these digital threats.

Major companies such Grupo México and Peñoles have reported cybersecurity breaches involving unauthorized access to their systems. Víctor Ruiz, Founder, SILIKN, noted that while not all attacks have been successful, the high volume of attempts points to a concerning trend in cybersecurity. “Advanced technologies like automation and artificial intelligence can inadvertently facilitate cyberattacks. This underscores the urgent need for companies to implement comprehensive cybersecurity measures across all their operations,” Ruiz warned.

David Tintor, Director of Operations, TBSEK, explained in an interview with MBN that mining companies are particularly appealing targets as the financial impact of operational disruptions is substantial. “For a mining company, if cybercriminals disable your mill, each second it remains stopped costs around US$5.97. Multiply that by 3,600 for an hour, and the financial damage can escalate rapidly, potentially over days. The decision is clear: pay US$1 million or face US$10 million in damage,” he said.

In Latin America, critical infrastructure sectors such as mining, oil, gas, and energy are particularly vulnerable to cyberattacks. SILIKN underscores that, given this heightened risk, adopting a comprehensive cybersecurity strategy is crucial for safeguarding data and maintaining client trust in an increasingly digital environment.