Increased connectivity has expanded the attack surface for malicious actors to steal data or wreck utilities' equipment
BOULDER, Colo., April 18, 2024 -- 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.
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SOURCE Guidehouse Insights
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