Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for IT industry professionals · Friday, December 14, 2018 · 471,082,024 Articles · 3+ Million Readers

Optium Cyber Systems in Talks to Develop Services For Saudi Arabia Oil & Gas Industry

/EIN News/ -- THE WOODLANDS, TX. , June 06, 2018 (GLOBE NEWSWIRE) -- Optium Cyber Systems, Inc.  (“OCSI” or the “Company”) (OTC:OCSY) would like to update shareholders on recent developments that have transpired since the appointment of Michael Russell to the Company’s Board of Advisors. As a direct result of Mr. Russell’s appointment, the Company is now in talks to establish a strategic alliance to develop and market the Company’s suite of services to the oil and gas industry in Saudi Arabia. 

“Optium Cyber Systems is fortunate to have someone of Michael Russell’s caliber on our team;” commented George M. Rutherford, President of Optium Cyber Systems. “Michael’s recognition within the oil and gas industry is opening some very exclusive doors. Management is very excited and looks forward to presenting to these top industry organizations. The company is confident that our portfolio of cyber security services will meet and exceed expectations thereby getting adopted as an industry standard’” continued Mr. Rutherford.

The Middle East suffers the most from cyber-attacks globally, with half of these directed at its critical oil and gas industry, according to a 2016 PwC study. The region, which accounts for 35 per cent of global oil production, has seen widespread cyber security breaches and many are frequently undetected. The financial fallout from cyber-attacks in the Arabian Gulf last year is estimated at more than $1 billion. Among the companies surveyed, 11 per cent reported experiencing more than 10 cyber breaches in the last 12 months, a rate nearly three times the global average.

The dangers of cyber attacks on physical infrastructure are very real, growing and frightening, as a recent New York Times article about an attack on a petrochemical company with a plant in Saudi Arabia explains. The NYT article details an attack that was not designed to simply destroy data, or shut down the plant, but also to sabotage the firm’s operations and trigger an explosion that would likely harm other humans. Investigators said the only thing that prevented an explosion was “a mistake in the attackers’ computer code”, one which they believe the hackers have “probably fixed by now”. Investigators believe it is “only a matter of time” before they deploy the same technique against another company successfully.

In addition, given the region’s dominance in the energy sector, cyber attacks could have wide-ranging implications not only on the global energy markets but also the global stock markets.  Arabian Gulf took a $1 billion hit last year from incidents against the sector, according to a new report.

Companies operating in these environments need to have a proactive approach to reduce and mitigate cyber threats.  To do this they will need the expertise of a company like Optium Cyber Systems, Inc.  OCSI offers a comprehensive and effective solution specifically for the oil and gas industry consisting of four components:

Detection and testing services:   The first step in implementing any type of security plan is to identify the vulnerabilities.  OCSI will perform a structured analysis to identify high risk areas in a client’s IT networks then take the appropriate steps to secure these potential weak spots. This Cyber Vulnerability Assessment (CVA) takes a multi-tiered approach including a detailed analysis of information handling practices, computing platforms, and employees. 

Ongoing monitoring and mitigation services:    Once a CVA has been run and vulnerabilities identified and secured, OCSI will implement a monitoring system designed to detect, alert and mitigate any future cyber threats.  As the Managed Security Services Provider, OCSI will provide continuous monitoring of a client’s network and mission critical computing infrastructure. Once suspicious activity is detected, such as database hacking or surreptitious network scanning, the OCSI Security Operations Center will inform the client’s IT personnel and provide a roadmap for the client to effectively protect data while isolating and negating the threat.

Cyber security consulting services: Sometimes the efficiency of the best security technologies are blunted by functional, but inherently unsecure network and application architectures. OCIS’s consultants can help identify and guide to remediate these issues before exploitation and exfiltration of sensitive data occurs.

Employee education: Many security threats are due to employee's lack of education.  OCSI will provide client employees training on how to spot security threats and to effectively deal with them.

About Michael Russell

Mr. Russell’s career in oil and gas has spanned 41 consecutive years with a primary focus on building startups in manufacturing of down hole, surface, and subsea applications. He has an extensive background in materials and specialty steels for use in severe oil and gas environments. He holds memberships in, and has fulfilled committee and leadership roles with, the American Petroleum Industry (API), National Association of Corrosion Engineers (NACE), AADE, and IADC. Mr. Russell is currently: the Director of Business Development for Lone Star Energy Fabrication headquartered in Baytown, Texas; the President of RMS Industries, Houston, Texas; and the Chairman of the American Petroleum Institute - Houston Chapter.

About Optium Cyber Systems, Inc.

Optium Cyber Systems, Inc. has developed a proprietary process to analyze, identify and address cyber security vulnerabilities in an organization’s critical IT infrastructure which is scalable to any size organization in any industry.  The Company has recently launched in the health care sector, focusing on protecting health care facilities including hospitals, nursing homes and doctor’s offices from cyberthreats such as the manipulation of medical devices or theft of patient records.  Optium Cyber Systems, Inc. is publicly traded having its common shares quoted on the OTC Markets under the symbol "OCSY".

Forward-looking Statements

This press release contains “forward looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on currently available competitive, financial and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Optium cannot provide assurances that the matters described in this press release will be successfully completed or that the company will realize the anticipated benefits of any transaction. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other hostilities in other parts of the world; the availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management’s ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the company’s ability to retain key management and employees; intense competition and the company’s ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in Optium public filings. Optium undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with Optium’s business, please refer to the risks and uncertainties detailed from time to time in Optium Inc.’s public filings.

For more information, please visit www.optiumcyber.com; or contact:

Contacts:
                    Optium Cyber Systems, Inc.
                    Investor Relations
                    Tom Nelson
                    w: 1 (480) 326-8577
                    email: tenassociates33@gmail.com
                    website: www.tenassociatesllc.ocm
                     
                    Emerging Markets Consulting, LLC
                    Mr. James S. Painter III
                    President
                    w: 1 (321) 206-6682
                    m: 1 (407) 340-0226
                    f: 1 (352) 429-0691
                    email: jamespainter@emergingmarketsllc.com
                    website: www.emergingmarketsllc.com
                    
                    Optium Cyber Systems, Inc.
                    Operations
                    George M. Rutherford
                    President
                    w: 1 (936) 559-7407
                    email: info@optiumcyber.com
                    website: www.optiumcyber.com
                    
                    

Primary Logo

Powered by EIN News
Distribution channels: Business & Economy, IT Industry


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release