The report "Industrial Cybersecurity Market by Security Type (Network, Endpoint, Application,
Cloud, Wireless), Offering (Products and Services), End-user (Power, Utilities,
Transportation, Chemicals & Manufacturing) and Region - Global Forecast to
2027 ",
size was valued at USD 16.2 billion in 2022 and was expected to reach USD 20.1
billion by 2027; it is expected to grow at a CAGR of 4.4% from 2022 to 2027.
The Industrial cybersecurity market is expected to
grow at a CAGR of 4.4%, from USD 16.2 billion in 2022 to USD 20.1 billion in
2027. The primary reasons for this rise in demand for industrial cybersecurity
products in power industry.
Driver: Increasing focus on integrating IoT into
industrial control systems
The IoT has brought great convenience in executing
complex tasks and simplified the lives of millions of people. It offers modern
industries a new way to manage, store, and process data in the cloud and data
centers. With the adoption of IoT technologies, industrial organizations can
extract more meaningful information from a large volume of data generated in
their facilities. In 2021, the number of global IoT connections was 13.8
billion, and this number is expected to reach 39.0 billion by 2027. Smart
devices have revolutionized the way customers, enterprises, and communication
service providers interact with each other. They have enabled the automation
and agility of different business processes. The increased smartphone
penetration across the world has led to a rise in the number of interconnected
devices using multiple platforms. These devices are connected to each other
through wireless cellular and non-cellular networks such as Zigbee, Bluetooth,
3G, 4G, and upcoming 5G. These connected devices are instrumental in ensuring
that the data is continuously tracked to understand the deviation in the
standard operating processes (SOPs).
Restraint: Underestimation of threat levels and
misunderstanding of nature of threats
The industrial control system has been continuously
evolving and has started including a wide range of interconnected devices that
help the industry workforce to understand and analyze the operational
environment. However, it also puts the system in danger of cyberattacks. Owing
to the relative rarity of targeted attacks against automation systems and the
excessive reliance on safety measures, owners of industrial enterprises and
their staff underestimate the existing and upcoming probable threats in the ICS
environment.
Similarly, over the past few years, security
technologies have developed extensively to catch up on offensive cyber
capabilities. To analyze and design a security system, developers always try to
stay ahead of the attackers, but security products and associated technologies
are generally designed by analyzing the historical threats, which generally do
not include all details of operational technologies (OTs). Thus, industrial
control systems are designed to protect against synthetic attacks.
Consequently, security products and software solutions are designed without
imaging or considering potential threats or the nature of future attacks and
without a thorough analysis and scrutiny of a day-to-day threat landscape. As a
result, real-world threats are underestimated.
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Opportunity: Growing focus of government
organizations on releasing rules and regulations for security of industrial
control systems
Several government organizations such as the
Industrial Control Systems Cyber Emergency Response Team (ICS-CERT) and the
National Institute of Standards and Technology (NIST) are continuously
releasing security guidelines, rules and regulations, and standards for the
security of industrial control systems. NIST has also introduced many security
standards and guidelines that are commonly used to secure traditional IT
systems. Some most prominent security standards applicable for industrial
control systems are the ISA/IEC 62443 and the NIST SP 800-82. NCCIC and
ICS-CERT save control system environments from emerging cyber threats. The
Department of Homeland Security (DHS) and ICS-CERT have incorporated the
Industrial Control Systems Joint Working Group (ICSJWG) to enable information
sharing and reduce threats related to industrial systems. Additionally, the
United States Computer Emergency Readiness Team (US-CERT), an organization of
DHS, is responsible for analyzing and reducing cyber threats and
vulnerabilities, disseminating cyber threat warning information, and
coordinating incident response activities.
Challenge: Lack of awareness about best practices
and criticality of cybersecurity in industrial control systems
The industrial sector implements modern security
technologies to prevent cyberattacks, but attackers develop new techniques and
procedures to infiltrate these technologies. Investments in security defense
and detection technologies help develop effective defense strategies; however,
human errors are one of the key reasons for most breaches. These errors take
place due to the lack of awareness among employees, which is putting the
industrial sector at risk. Advanced cyber threats that are diverse in nature
target particular vulnerabilities in networks and use these vulnerabilities to
get an entry into enterprise networks. Advanced cyber threats have
significantly increased over the last few years and have become a major
security concern for the industrial sector.
In addition to implementing appropriate hardware and
software-based protection tools, employee training should also be considered
equally critical to completely secure industrial facilities from cyberattacks
or cyber threats. Every employee who is a part of an organization poses a
threat to the security in case of non-awareness of the associated risks. This
makes cybersecurity training a critical factor for professionals to understand,
identify, and avoid future threats before escalation. Training will also allow
the workforce to practice safe business duties at the workplace. The figure
provided below indicates some most sophisticated attacks on the ICS network.
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