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, cyber-attacks within the energy and utilities industries alone cost an average of $13.2m 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 cyber security approaches. However, there is still a high level of ambiguity in addressing industrial cyber security, with existing cyber security services struggling to provide comprehensive visibility across both IT and OT networks.
"The industrial cyber security 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 cyber security skills,” said Riti Newa, Industrials Research Analyst. “Many end users have labour-intensive security practices and lack strong cyber security policies. Service providers can help automate cyber security services and provide a more holistic approach by offering joint solutions that provide a consolidated view of the IT and OT environment.”
Frost & Sullivan’s recent analysis, ‘Global Industrial Cyber security 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 cyber security market can find opportunities through:
"Despite the growing frequency of cyber-attacks, industries still have very low cyber resilience, struggling to ensure cyber security in the OT environment," said 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 cyber security."