APAC Industrial Control Security Market to Top $1 Billion
The APAC market for industrial control systems (ICS) security is set to top $1 billion in just four years as industry players begin to understand the growing cyber threat to operational technology, according to new research.
Frost & Sullivan made the predictions in its new Asia-Pacific Industrial Control Systems Security Market report out today.
It pointed to several market drivers, not least the fact that increasing numbers of firms are looking to the Internet of Things to improve efficiency and competitiveness.
As they do, these businesses are realizing the need for ICS security in the design phase of such projects, F&S said.
In combination with this trend, companies running industrial systems are also increasingly appreciating the fact that cyber attacks can affect their uptime.
This has led to some energy plants in the region implementing compliance projects for the North American Electric Reliability Corporation's Critical Infrastructure Protection (NERC-CIP) or the National Institute of Standards and Technology (NIST).
APAC governments are also leading the charge to improved ICS security for critical infrastructure, the report claimed.
For example, Tokyo has established the National Center of Incident Readiness and Strategy for Cybersecurity (NISC), which in turn founded the Capability for Engineering of Protection, Technical Operation, Analysis and Response (CEPTOAR) Council to improve information sharing among critical infrastructure verticals.
“In recent years, industrial control systems used in the automation of industrial plants were increasingly connected to the internet for its benefits. However, cybersecurity was not part of the original design process, which made the systems vulnerable to cyber threats,” said Frost & Sullivan senior industry analyst, Charles Lim.
“Therefore, it is vital that the industry understands the threats pertaining to operational technology and ensure that the right cybersecurity solutions are in place to address this.”
The hike in spending comes not a moment too soon, as the analyst predicts attacks on ICS will become increasingly complex and politically motivated—whether carried out by hacktivists, nation states or terrorists.
From revenue of just $163m in 2014, the market for ICS security will grow to a whopping $1.2bn by 2019, the report claimed.
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Source: Information Security Magazine