Suncor Energy (SU) Makes Swift Response to Cybersecurity Breach
Suncor Energy Inc. SU, a prominent Canadian energy company, experienced a significant cybersecurity incident that prompted the implementation of immediate response measures and raised concerns among stakeholders. With a focus on maintaining transparency and safeguarding customer information, Suncor Energy has been actively engaged with IT and cybersecurity experts. The company's swift response demonstrates its commitment to protecting its IT systems, customers and suppliers.
This blog aims to provide a comprehensive overview of the incident, highlighting the actions taken by SU to address the situation, mitigate the impact, and ensure the continued safety and reliability of its operations.
Background
On or about Jun 21, 2023, Suncor Energy's IT network was accessed by an unauthorized party, leading to a cybersecurity breach. While the incident caused temporary disruption in the company's Petro-Canada business, the safety and reliability of its field operations remained unaffected.
In response to the breach, SU swiftly activated its business continuity plans, initiated an investigation, and enlisted the expertise of leading IT and cybersecurity professionals. The company also promptly informed the relevant authorities regarding the incident.
Impact on Petro-Points Program
Suncor Energy's Petro-Points program was affected by the cybersecurity incident, with the unauthorized party obtaining members' basic contact information. While there is currently no evidence to suggest compromise or misuse of customer, supplier, or employee data, the company is taking proactive measures to safeguard its stakeholders' interests.
SU is in the process of notifying Petro-Points members and relevant privacy regulators about the breach. It remains committed to maintaining transparency throughout the investigation and providing updates if any additional information is revealed.
Response Measures
After discovering the cybersecurity incident, Suncor Energy took immediate action to activate its business continuity plans. The company engaged top-tier IT and cybersecurity experts to conduct a thorough investigation, identify vulnerabilities and implement enhanced security measures. The objective was to minimize disruption to its customers, suppliers and overall business operations.
Protecting IT Systems and Stakeholders
By swiftly implementing response measures and engaging cybersecurity experts, the company has prioritized the safety and reliability of its business. Suncor Energy acknowledges the importance of maintaining customer trust and safeguarding their information. Thus, it is proactively notifying Petro-Points members and relevant privacy regulators regarding the breach. This level of transparency reflects SU’s dedication to ensuring the security of its stakeholders' data.
Conclusion
Despite the temporary disruption to the Petro-Points program, Suncor Energy remains committed to maintaining transparency, protecting customer information and minimizing disruptions to its operations. The company will provide updates as the investigation progresses, ensuring that affected parties receive the necessary information and support.
Zacks Rank and Key Picks
Currently, SU carries a Zacks Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Evolution Petroleum EPM, sporting a Zacks Rank #1 (Strong Buy), and Murphy USA MUSA and NGL Energy Partners NGL, both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is worth approximately $265.15 million. EPM currently pays a dividend of 48 cents per share, or 6.02% on an annual basis.
The company currently has a forward P/E ratio of 7.59. In comparison, its industry has an average forward P/E of 10.60, which means EPM is trading at a discount to the group.
Murphy USA is valued at around $6.64 billion. In the past year, its shares have risen 14.3%.
MUSA currently pays a dividend of $1.52 per share, or 0.50% on an annual basis. MUSA's payout ratio currently sits at 6% of earnings.
NGL Energy Partners is valued at around $525.07 million. In the past year, its units have risen 180.9%.
The partnership currently has a forward P/E ratio of 4.57. In comparison, its industry has an average forward P/E of 14.10, which means NGL is trading at a discount to the group.
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Suncor Energy Inc. (SU) : Free Stock Analysis Report
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Evolution Petroleum Corporation, Inc. (EPM) : Free Stock Analysis Report
