Increased connectivity has expanded the attack surface area for malicious attackers to steal data and destroy equipment in public facilities.
Boulder, Colorado., April 18, 2024 /PRNewswire/ — A new report from Guidehouse Insights examines the operational technology (OT) and industrial control systems (ICS) cybersecurity market in the energy sector.
As utilities seek to keep pace with digital transformation, a key challenge is ensuring the security of critical infrastructure. According to a new report from Guidehouse Insights, the overall market for energy OT cybersecurity solutions is 1.5 billion dollars By 2024 $3.1 billion It is expected to have a compound annual growth rate (CAGR) of 8.1% in 2033.
“Adding connectivity to critical infrastructure has enabled utilities to implement green initiatives, improve resiliency, and manage outages more easily. The attack surface for malicious actors to steal data and destroy utility equipment has also expanded.” Francesco Radicati, Senior Research Analyst at Guidehouse Insights. “As a result, operational technology organizations within utilities have had to follow the example of their IT colleagues and implement stronger cybersecurity controls to help mitigate the damage caused by cyberattacks.”
The proliferation of connected devices is enabling efforts to make the grid smarter, more efficient, and more resilient, but the trade-off is that this connectivity also makes it more vulnerable to ransomware attacks and sensitive financial This creates new areas for malicious actors to exploit, including theft of information and operational information. as data or as an alternative front to physical warfare. The integration of IT and operational technology systems is driven by needs such as optimizing data collection from machines and infrastructure assets, improving information flow, process automation, and regulatory compliance. However, this connectivity means that if one component is compromised, the entire network is exposed, and attacks on the physical infrastructure can damage equipment, harm the environment, and protect employees and employees. Customers' physical safety may be threatened, the report states.
report, Energy OT Cybersecurityfocuses on cybersecurity in the energy OT field, particularly in the areas of transmission automation, power distribution automation, communications, and industrial control systems. We discuss the current state of affairs in terms of technologies and tactics to prevent and mitigate cyber-attacks, and present an analysis of energy OT cybersecurity spending in all regions of the world. The report summary is available for free download from the Guidehouse Insights website.
About Guidehouse Insight
Guidehouse Insights is the specialized market intelligence division of Guidehouse, providing research, data and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of the global clean technology market. The team's research methodology combines supply-side industry analysis, primary end-user research, and demand assessment with an in-depth study of technology trends to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About guide house
Guidehouse is a leading global provider of consulting services to public sector and commercial markets, with extensive capabilities in management, technology and risk consulting. By combining public and private sector expertise, we help our clients address their most complex challenges and navigate significant regulatory pressures with a focus on transformational change, business resilience, and technology-driven innovation. We will support you so that you can Across our range of advisory, consulting, outsourcing and digital services, we create scalable, innovative solutions that help our clients overcome complexity and position themselves for future growth and success. The company has more than 16,000 professionals in more than 55 locations around the world. Guidehouse is led by experienced professionals with proven and diverse expertise in traditional and emerging technology, markets, and agenda-setting issues that drive the national and global economy. For more information, please visit www.guidehouse.com.
*Information regarding the report included in this press release is Energy OT Cybersecurity, is a summary and reflects Guidehouse Insights' current expectations based on market data and trend analysis. Market forecasts and expectations are inherently uncertain and actual results may differ materially from those described in this press release or report. To fully understand the assumptions underlying the report's conclusions and the methodology used to create the report, please read the full report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update the information contained in this press release or report.
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Cecil Fradkin For guide house insight
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