Digitization of critical infrastructures has provided substantial benefits in terms of improved productivity, better connectivity, and greater efficiencies.
Yet some of these attributes also carry significant risks and that is why cyber security spending for critical infrastructure will hit $46 billion globally by the end of 2013, new research said.
Disruption and destruction through malicious online activities are the new reality: Cyber-espionage, cyber-crime, and cyber-terrorism. Despite the seemingly virtual nature of these threats, the physical consequences can be quite tangible.
The cyber protection of critical infrastructure has become the most immediate primary concern for nation states. The public revelation of wide-spread state-sponsored cyber-espionage is a sign this could be the beginning of an era of information and cyber warfare on a global scale between countries, political groups, hacktivists, organized crime syndicates, and civilian society.
While some industries, like the financial sector, have had highly advanced cyber-defense and security mechanisms in place for some time, others, like energy and healthcare, are severely lacking and only just starting to implement measures. The drivers for the market in related products and services are numerous, but in a large part many will end up propelled by national cyber security strategies and policies.
ABI Research estimates cyber security spending for critical infrastructure will hit $46 billion globally by the end of 2013. One of the driving factors for increased spending over the next five years will be a growing number of policies and procedures in education, training, research and development, awareness programs, standardization work, and cooperative frameworks among other projects.
This Market Data on “Critical Infrastructure Security” breaks down spending for eight verticals: Defense, Energy, Financial, Healthcare, ICT, Public Security, Transport, and Water and Waste Management. The data is split by region (North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa), by sector (private/public) and by type (product/service).
These findings are part of ABI Research’s Cyber Security Research Service.