Despite the growing frequency of cyber-attacks, industries still have very low cyber resilience, struggling to ensure cybersecurity in the Operational Technology (OT) environment
According to a recent analysis from Frost & Sullivan, 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.
Cyber-attacks within the energy and utilities industries alone cost an average of $13.2 million per year, the report stated.
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 analysts observed that 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, “Despite the growing frequency of cyber-attacks, industries still have very low cyber resilience, struggling to ensure cybersecurity in the OT environment.”
“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,” the analyst stated.
Growth opportunities for industrial cybersecurity services market
“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 Newa.
“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,” the Analyst noted.
As suggested by the analysts, companies trying to grow within the industrial cybersecurity market can find opportunities through:
- Providing integrated platforms that can deploy a range of services to enhance the security posture of end users while incorporating the best security practices.
- Using automated management services and advanced analytics to develop a comprehensive service portfolio that can be adapted for all types of end users.
- Offering flexible pricing models, such as Cybersecurity-as-a-Service (CSaaS), and lifetime services to increase accessibility across industries at a lower cost.