The Hindu Business Line
‘Increase in cyber-attacks on smart buildings propels the security market’
The widespread digitisation of building operations and rising incidences of cyber-attacks on operational environments are driving the adoption of information technology (IT)/operational technology (OT) security services in smart buildings, according to a recent report by Frost & Sullivan’s, a business consulting firm.
Smart devices vulnerable
The report titled, ‘IT/OT Security Convergence for Building Technologies’, estimates the market to reach $897 million by 2022, increasing at a record compound annual growth rate of 37 per cent, a statement said.
“Today, smart devices control building management activities, including temperature control, access and lighting control, communication, and safety systems in many enterprises. Such converged IT/OT environment has made enterprises more vulnerable to cyber-attacks,” said Frost & Sullivan analyst.
With diverse protocols, hardware, and software systems, the OT devices controlling building operations provide a heterogeneous environment.
Coupled with IT devices and a common network connection, the attack surface expands, providing a thriving ground for cyber adversaries to play on, the analyst added.
The report focusses on the key trends in the IT/OT security market, identifies the drivers and restraints, and sheds light on the competitive landscape and evolving market share of major participants.