Renewable Digital Transformation and Cybersecurity Management

Chuan Dao Qiao Tou Zi Ran Zhi

As the ship reaches the bridge, it has to align with the bridge to berth. Cross the bridge when we come to it.

Executive summary

Companies in both emerging economies and developed countries are facing serious climate change, digital transformation and cybersecurity risks. These could seriously affect their future business growths and sustainable business profitability. In particular, renewable companies have to develop appropriate digital transformation strategies to improve their performance and efficiency whilst maintaining high cybersecurity. Cybersecurity improvements arc key to protect renewable companies against growing cyber attacks and risks of fraud. There should be strong management support for the elimination of legacy systems and organisational reforms to accelerate digital reforms and improve cybersecurity. Different interlinkages between climate change, renewables, digital transformation and cybersecurity will be discussed in this chapter with business examples.

Risks of Renewables, climate change, digital transformations and cybersecurity

Climate change, digital transformation and cybersecurity are serious risks for the future growths and sustainable developments of various countries and renewable companies globally. Climate change, renewables, digital transformation and cybersecurity are all important strategic elements for the sustainable future growths of companies globally, especially for companies in the renewable and clean energy sectors. Renewable companies have to develop appropriate digital transformation strategics to improve performance and efficiency in light of the serious climate change risks. Cybersecurity improvements are key to protect renewable companies against growing cyber attacks and frauds plus climate change risks. There should be strong management support for elimination of legacy systems and organisational reforms to accelerate digital reforms and improve cybersecurity for companies globally.

These serious digital and cybersecurity risks would apply to all international companies, private companies and state-owned companies, especially those operating in the renewable and clean energy sectors. There have been rising cases of cyber attacks on key government installations and various companies globally. Many state-owned companies have suffered serious digital attacks and threats. A good example is the very serious cyber attack on Saudi Aramco which crippled most of its computer systems in Saudi Arabia.

For companies to continue their green growth and renewable developments in a sustainable manner, it is important for them to have good digital transformation strategies with strong cybersecurity systems which would have also taken into account various climate change risks. The corporate boards, managers and shareholders should prioritise management support and focus for climate change, renewables, digital transformation and cybersecurity as part of their top management priorities so as to ensure sustainable business growth and corporate profitability.