High penetration of Industrial Internet of Things (IIoT) technology in critical infrastructure and the manufacturing sector has resulted in a growing number of potential cyberattack surfaces.
According to a recent analysis from Frost & Sullivan, cyberattacks within the energy and utilities industries alone cost an average of $13.2 million per year. These rising incidences of cyberattacks, coupled with evolving compliance regulations by governments, and increased awareness among mature and less mature markets have accelerated the adoption of cybersecurity approaches. However, 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.
"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 Riti Newa, Industrials Research Analyst. “Many end users have labor-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.”
Frost & Sullivan’s recent analysis, Global Industrial Cybersecurity 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 monetization strategies for those models.