According to a recent analysis from Frost & Sullivan, cyber-attacks within the energy and utility industries alone cost an average of $13.2 million 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.
However, the report warns there is still a high level of ambiguity in addressing industrial cybersecurity, with existing cybersecurity services struggling to provide comprehensive visibility across both IT and OT networks.
Riti Newa, Industrials Research Analyst, said: “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 skill. 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.”