The technology revolution in renewable energy is considered a major risk among Australian mining, gas and oil sector executives, according to a Willis Tower Watson survey.

The global advisory group’s Natural Resource Risk Index asked 350 executives across the global natural resources industry to rank 50 threats according to impact and manageability.

Digitalisation and new technology comes first, with a risk rating of 45.9.

Technology such as improved energy storage that opens the market to disruptors such as renewables is identified as a concern across the board, due to the low unit cost of wind, solar and other alternatives.

“Advances in battery technology – allowing cars, for example, to travel thousands of miles with a single charge – also threaten the underlying operating model of many businesses,” Australasia Regional Industry Leader Natural Resources Martyn Thompson said.

Other high-ranking risks are the impact of environmental regulation, vulnerability to reclamation obligations, lack of international mobility within the workforce, increased political risk and falling profits prohibiting infrastructure investment.

The index shows cyber risk is now a boardroom issue in the natural resources sector, with many companies using technology such as drones to oversee oil and gas facilities.

“Technology providers believe the Internet of Things – connecting and controlling devices that previously operated autonomously – could improve automation and operations and help the industry become more efficient and safe,” Mr Thompson said.

However, the new technology also raises cyber-attack concerns, with the number of hacks against the industry on the rise.