ST. PETERSBURG, October 11. /TASS/. The Russian oil and gas business invested 53 bln rubles ($551.2 mln) into digital development last year, the press service of the T1 Holding told TASS.

"As of 2023 year-end, expenses for digital transformation of companies from the oil and gas sector totaled 53 bln rubles ($551.2 mln), which is 17% more than a year earlier. According to forecasts of analytics, this amount may grow by 10-20% in 2024," the press service informed.

The greater portion of costs (43.8%) was attributed to acquisition, adaptation and integration of software.

"Digitalization expenses expectably grew in the oil and gas sector from the start of import phase-out. Companies need to not merely migrate to Russian software because Western solutions were left without technical support and update opportunity but also to change equipment and roll out modern technologies that automate and simplify process," Deputy CEO of T1 Holding Kirill Bulgakov said.

Sustainable investments in information security are critical for the business, considering year-to-year growth of cyberthreats and data leaks affecting not only the corporate image but continuity of processes also.