In the coming two to three years, cyber security spending in the manufacturing industry is expected to increase by a minimum of 10%. A well-formulated security framework will become a norm for companies interested in adopting Industry 4.0 or any advanced manufacturing approach. Factories of the future are poised to have a link established with the outside world and the security in such a scenario will become an inevitable necessity for end-users across industries.
Cyber security damages on industries globally are estimated at €40 to €50 billion per year. The impact of cybersecurity will be outlined by Frost & Sullivan Global President and Managing Partner, Mr. Aroop Zutshi, during his presentation at upcoming SPS IPC Drives exhibition in Nuremberg, Germany. On Wednesday, 23 November 2015, he will discuss what is at stake for companies. Mr. Zutshi will deliver his presentation at the „Automation meets IT“ Forum in Hall 3A at 10:40 am CET.
“More than 90% of all small and medium-end businesses are believed to have experienced security-related issues in Germany,” explains Mr. Zutshi. “Official estimates indicate that damages to Germany industry through industrial espionage amount to approximately €4.2 billion per year, making industrial espionage is a critical issue for industrial machinery companies in Germany with the ascent of new manufacturing paradigms like Industry 4.0.”