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(Wireless-NewsWire.Com, October 23, 2019 ) The global Industrial Control Systems security market size was valued at USD 12.22 billion in 2017 and is projected to reach USD 18.05 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.5% during 2018-2023, as per a report by MarketsandMarkets.
Industrial Control Systems (ICS) security solutions and services are highly required for the protection of industrial assets. Traditional IT security solutions are incompetent in protecting the industrial sector from advanced cyber-attacks, which can lead to huge financial loss, health hazards, and even bring the entire plant or industrial organization to a standstill. There is a dire need to protect industrial networks, endpoints, applications, data, and cloud environments from threat vectors such as malware, ransomware, advanced persistent threats, Trojans, backdoor attacks, and zero-day attacks.
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Cloud computing technologies are on the rise. Nowadays, organizations are taking advantage of cloud-based computing and are migrating SCADA applications over the cloud to reduce costs, gain efficiencies, and increase reliability. SCADA systems are offered as a “service”, instead of having them installed on local computers; the entire SCADA system and its associated data is stored and processed over the cloud. Integration of SCADA devices to the cloud helps in solving critical issues related to uptime and redundancy in ICS environments. However, users of the cloud-based SCADA services can face several security concerns related to nature of data, web application attacks, control, authentication, encryption, and logging.
For the SCADA applications deployed over the cloud, the cloud provider must be able to satisfy security control requirements and the ability to provide and maintain strong security mechanisms and processes. Some of the capabilities a cloud provider must provide are data separation, infrastructure control, encryption, patching, reporting, and continuous monitoring. The security vendors offering security solutions for the cloud infrastructure have huge opportunities with the rising cloud-based SCADA systems.
The major factors driving the ICS security market growth are huge investments by organizations in Industry 4.0, convergence of Information Technology (IT) and Operational Technology (OT), and rise in the number of cyber threats on the critical infrastructure. Furthermore, rise in cloud-based Supervisory Control and Data Acquisition (SCADA) systems, reliance of ICS on big data analytics, and strategic partnerships between ICS security and cyber insurance vendors are expected to provide huge growth opportunities to ICS security vendors to prosper in the market.
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One of the major challenges faced by the modern ICS community is the lack of security awareness among enterprises and the vulnerabilities associated with their systems. Attacks are becoming more sophisticated, and there is a strong need for integrated security systems as they can provide layers of protection against internal and external threats. Additionally, there is a lack of collaboration between ICS and security vendors for the development of the right technologies. As ICS vendors continuously adopt new technologies and standards, there has been an increase in interconnectivity within the existing corporate networking infrastructures and internet, making ICS more exposed to threats. Thus, organizations face a knowledge gap in understanding the nature of targeted attacks and ensuring protection against them. A holistic approach is now essential in terms of awareness and knowledge about such advanced threats and attacks to secure the industrial systems.
360Quadrants
Mr. Shelly Singh
8886006441
raviraj.tak@marketsandmarkets.com
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