:max_bytes(150000):strip_icc()/GettyImages-2150185229-1f333db2785647d29ed9e0f8521dbc87.jpg "Solar Power Stocks Fall on Concerns About Potential Hackers")
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Key Takeaways
- Solar power stocks dipped following a report about an FBI warning of the potential for hackers to hit the renewable energy sector.
- The FBI sent businesses a Private Industry Notification (PIN) that “malicious cyber actors” could try to disrupt their operations.
- Officials noted that legislation hoping to spur renewable energy growth will boost efforts and create more opportunities for hackers.
Shares of solar power companies, including Enphase Energy (ENPH) and First Solar (FSLR), dropped Monday following a report that federal officials have raised concerns about the potential of hackers striking the renewable energy sector.
CNBC pointed to a Private Industry Notification (PIN) sent to businesses this month by the Federal Bureau of Investigation (FBI) warning that “malicious cyber actors may seek to disrupt power generating operations, steal intellectual property, or ransom information critical for normal functionality to advance geopolitical motives or financial gain within the US renewable energy industry.”
The FBI noted that legislation—including the Inflation Reduction Act of 2022—that encourages expansion of renewable energy will drive the industry to keep pace, “providing more opportunities and targets” for hackers.
FBI Memo Explains How Criminals Could Attack Solar Infrastructure
The memo specifically explained how criminals could attack solar infrastructure, and outlined a series of steps companies can take to protect themselves “in response to these new activity trends.”
Shares of Enphase and First Solar were down 5% and 3.4%, respectively, as of 3 p.m. ET Monday. SolarEdge Technologies (SEDG) shares fell 4% and Canadian Solar (CSIQ) was down 2%.
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