Global spending on smart grid cybersecurity is expected to almost double in the next decade, according to new research.
A report from Navigant Research states that it will rise from $1.8bn this year to nearly $3.2bn by 2026.
The study notes that as “electric power systems around the world increasingly embrace transformative concepts such as decentralization, automation, and digitization, their efforts are also expanding the surface area for cyberattacks”.
Michael Kelly, research analyst with Navigant, said: “The proliferation of the smart grid and Internet of Things has led to the deployment of billions of networked sensing devices, increasingly further out to the grid edge.”
“While this paradigm shift has led to unprecedented data collection, network visibility, and situational awareness, it has also drastically increased utility vulnerability.”
The report states that more and more of today’s utilities are “realizing the need for comprehensive cybersecurity strategies that move beyond one-off, point-to-point solutions and toward more integrated, harmonious methods”.à‚
“Exponential growth in the number of attacks and threat actors is shaping a business environment in which the question utilities now face is when an incident will occur ” not if.” As a result, according to the report, the market for cybersecurity solutions is expected to show healthy growth as the related markets for automation, communications, and smart devices continue to mature.