In late July, Congress allowed a valuable program that enhances security at chemical facilities across the country to expire. The program is called the Chemical Facility Anti-Terrorism Standards (CFATS), and its primary mission is to protect chemical facilities from potential terror threats by addressing a wide range of possible vulnerabilities, including cyberattacks.
One of the societal byproducts of the COVID-19 pandemic has been an increased emphasis on technology to meet changing needs, and the fuel and petrochemical industries are no exception to that trend.
In today’s world of cyber attacks against companies, the idea of sharing information between companies on cyber developments and incidents is becoming more critical.
Publicly owned companies, like many U.S. refineries, have a fiduciary responsibility (which is a legal obligation) to act in the best interest of their shareholders, and that extends to how companies spend their earnings. Often, earnings are spent on a combination of the following: direct dividends, stock buy back programs, paying down debt and capital investment projects.