The utilities industry is rapidly modernizing its infrastructure, adding
more digitized equipment and connectivity across devices, plants, and
systems. This evolution to “smart infrastructure” represents a positive,
paradigm shift for the industry. Unfortunately, the security policies of
many utilities have not evolved along with it, leaving them incredibly
vulnerable. In its new whitepaper, The
6 Biggest Cybersecurity Risks Facing the Utilities Industry, ABI
Research, a market-foresight advisory firm providing strategic
guidance on the most compelling transformative technologies, identifies
the 6 most prevalent security weaknesses in the Utilities Industry and
offers best practices to utility companies looking to steer clear of
cybercriminals and threats.
Utilities are investing heavily to modernize infrastructure. In fact,
ABI Research projects that the industry will spend $14 billion a year
between 2018 and 2023 — a total of $84 billion over that time period.
While investments in digital infrastructure will remain very high over
the next several years, investments in securing that infrastructure will
lag behind. Unfortunately, there is a growing gap between threats and
spending — only 55% of the total security spend in the next 5 years will
be spent on securing smart infrastructure.
By 2023, connected utility infrastructure will have essentially doubled
in size, exposing utility companies to a myriad of cybersecurity risks.
These are the 6 most critical, and pressing, risks:
1. Boundary Protection (undetected unauthorized activity in critical
systems)
2. Physical Access Control (unauthorized physical access to maliciously)
3. Allocation of Resources
4. Least Functionality (increased vectors for malicious party access)
5. Identification and Authentication (lack of accountability and
traceability)
6. Account Management (compromised unsecured password communications)
As these threats continue to mount, it’s imperative for companies within
the utility space to deploy secure IT/OT solutions. In the whitepaper,
considerations and recommendations for shoring up IoT architecture and
integrated security capabilities are offered as well.
The complimentary report can be downloaded at http://bit.ly/2Jw91PJ.
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About ABI Research
ABI Research provides strategic guidance for visionaries needing market
foresight on the most compelling transformative technologies, which
reshape workforces, identify holes in a market, create new business
models and drive new revenue streams. ABI’s own research visionaries
take stances early on those technologies, publishing groundbreaking
studies often years ahead of other technology advisory firms. ABI
analysts deliver their conclusions and recommendations in easily and
quickly absorbed formats to ensure proper context. Our analysts
strategically guide visionaries to take action now and inspire their
business to realize a bigger picture. For more information about
subscribing to ABI’s Research Services as well as Industrial and Custom
Solutions, visionaries can contact us at +1.516.624.2500 in the
Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific or
visit www.abiresearch.com.
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