Increased connectivity has expanded the attack surface for
malicious actors to steal data or wreck utilities'
equipment
BOULDER, Colo.,
April 18,
2024 /PRNewswire/ -- A new report
from Guidehouse Insights examines the market for
cybersecurity for operational technology (OT) and industrial
control systems (ICS) in the energy sector.
As utilities work 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 total
market for energy OT cybersecurity solutions is expected to grow
from $1.5 billion in 2024 to
$3.1 billion in 2033, at a compound
annual growth rate (CAGR) of 8.1%.
"Adding connectivity to critical infrastructure has enabled
utilities to implement green initiatives, improve resilience, and
manage faults more easily. However, increased connectivity has also
expanded the attack surface for malicious actors to steal data or
wreck utilities' equipment," says Francesco
Radicati, senior research analyst with Guidehouse Insights.
"As a result, operational technology organizations within utilities
have had to follow their IT colleagues in implementing greater
cybersecurity controls to reduce the damage from cyberattacks."
While the proliferation of connected equipment enables
initiatives to make the grid smarter, more efficient, and more
resilient, the tradeoff is that this connectivity presents new
areas for malicious actors to exploit, whether in the form of
ransomware attacks or theft of sensitive financial or operational
data, or as an alternative front in physical warfare. The
convergence of IT and operational technology systems is driven by
the need to optimize data collection from machines and
infrastructure assets, improving information flows, automation of
processes, and regulatory compliance, among other things. However,
this connectivity means that one compromised component opens the
entire network to attack, and attacks on physical infrastructure
can damage equipment, harm the environment, or threaten employees'
and customers' physical safety, according to the report.
The report, Energy OT Cybersecurity, focuses on
cybersecurity in the energy OT sector, specifically in the areas of
transmission automation, distribution automation, communications,
and industrial control systems. It discusses the state of play in
terms of technologies and tactics to prevent and mitigate
cyberattacks, and presents analyses for energy OT cybersecurity
spending in all world regions. An executive summary of the report
is available for free download on the Guidehouse Insights
website.
About Guidehouse Insights
Guidehouse Insights, the
dedicated market intelligence arm of Guidehouse, provides research,
data, and benchmarking services for today's rapidly changing and
highly regulated industries. Our insights are built on in-depth
analysis of global clean technology markets. The team's research
methodology combines supply-side industry analysis, end-user
primary research, and demand assessment, paired with a deep
examination 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 Guidehouse
Guidehouse is a leading global
provider of consulting services to the public sector and commercial
markets, with broad capabilities in management, technology, and
risk consulting. By combining our public and private sector
expertise, we help clients address their most complex challenges
and navigate significant regulatory pressures focusing on
transformational change, business resiliency, and technology-driven
innovation. Across a range of advisory, consulting, outsourcing,
and digital services, we create scalable, innovative solutions that
help our clients outwit complexity and position them for future
growth and success. The company has more than 16,000 professionals
in over 55 locations globally. Guidehouse is led by seasoned
professionals with proven and diverse expertise in traditional and
emerging technologies, markets, and agenda-setting issues driving
national and global economies. For more information, please visit
www.guidehouse.com.
* The information contained in this press release concerning
the report, Energy OT Cybersecurity, is a
summary and reflects the current expectations of Guidehouse
Insights based on market data and trend analysis. Market
predictions and expectations are inherently uncertain and actual
results may differ materially from those contained in this press
release or the report. Please refer to the full report for a
complete understanding of the assumptions underlying the report's
conclusions and the methodologies used to create the report.
Neither Guidehouse Insights nor Guidehouse undertakes any
obligation to update any of the information contained in this press
release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse
Insights
+1.646.941.9139
cfradkin@scprgroup.com
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SOURCE Guidehouse Insights