IIOT TECHNOLOGIES INTEGRATION CREATES GROWTH OPPORTUNITIES IN THE INDUSTRIAL CYBERSECURITY INDUSTRY
High penetration of Industrial Internet of Things (IIOT) technology in critical infrastructure and the manufacturing sector has resulted in a growing number of potential cyber-attack surfaces
According to a recent analysis from Frost & Sullivan, cyberattacks within the energy and utilities industries alone cost an average of $13.2mn per year. These rising incidences of cyber-attacks, coupled with evolving compliance regulations by governments, and increased awareness among mature and less mature markets have accelerated the adoption of cybersecurity approaches.
Consolidated view of the IT and OT environment
However, there is still a high level of ambiguity in addressing industrial cybersecurity, with existing cybersecurity services struggling to provide comprehensive visibility across both IT (information technology) and OT (operational technology) networks.
“The industrial cybersecurity services market is at the high growth stage of its lifecycle, with rising awareness among end-users, increased industrial control systems (ICS) based attacks, and the rising need for cybersecurity skills,” said Riti Newa, industrials research analyst, Frost & Sullivan. “Many end-users have labour-intensive security practices and lack strong cybersecurity policies. Service providers can help automate cybersecurity services and provide a more holistic approach by offering joint solutions that provide a consolidated view of the IT and OT environment.”
Industrial cybersecurity market
Frost & Sullivan’s recent analysis, Global Industrial Cybersecurity Services Market, Forecast to 2022, explores market adoption rates, requirements, and trends across the market. It also covers emerging service models and their usages, as well as monetisation strategies for those models.
Companies that are eager to grow within the industrial cybersecurity market can find opportunities through: (i) providing integrated platforms that can deploy a range of services to enhance the security posture of end-users, while incorporating the best security practices; (ii) using automated management services and advanced analytics to develop a comprehensive service portfolio that can be adapted for all types of endusers; and (iii) offering flexible pricing models, such as Cybersecurity-as-a-service (CSAAS), and lifetime services to increase accessibility across industries at a lower cost.
The industrial cybersecurity services market is at the high growth stage of its lifecycle, with rising awareness among end-users, increased industrial control systems (ICS) based attacks, and the rising need for cybersecurity skills.
“Despite the growing frequency of cyber-attacks, industries still have very low cyber resilience, struggling to ensure cybersecurity in the OT environment,” added Newa. “With complexity and sophistication of the attacks, service providers will need to focus on advanced services that can address the threat landscape and automate cybersecurity.”
‘Global Industrial Cybersecurity Services Market, Forecast to 2022’ is the latest addition to Frost & Sullivan’s industrials research and analyses available through the Frost & Sullivan Leadership Council, which helps organisations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
With complexity and sophistication of the cyber-attacks, service providers will need to focus on advanced services that can address the threat landscape and automate cybersecurity.
Customer needs require scalable, flexible cybersecurity solutions, finds Frost & Sullivan.