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Industrial cyber security spending will hit $36bn


Global cyber security spending in industrial critical infrastructure sectors (energy, transport, water and waste management and more) is expected to touch $23bn by the end of 2022 and grow at a CAGR of 10% to reach $36.67bn in 2027 according to a new report by technology intelligence firm ABI Research.

The 19-page new report State of Cyber & Digital Security released in June 2022 said, “Organizations and verticals continue to integrate technologies like the internet of things, 5G and blockchain, meaning more points of connection - and points of vulnerability - than ever before.”


The report says, “Security is a complex, multi-layered discipline that touches upon many notions: From protection and trust to resilience and offense. In today’s connected societies, security needs to permeate all aspects of modern technologies to support successful digital and cyber ecosystems. A weak link in a chain can present an open door to a threat or be at risk from misconfiguration.

“The biggest challenges for security implementation lie in understanding the value of the technology as an enabler and then finding the right solution, before applying it effectively. There is unanimous agreement that security is needed; but where and how and when and to what degree are not as easily determined.”

As a result, ensuring ‘security’ is not just a hardware issue or a software issue - it is a web of challenges and solutions spanning entire technology ecosystems. The report also focuses on:

  • Growing presence of mobile identities

  • The emergence of next-generation cryptography

  • Central banks embracing digital currency

  • Critical infrastructures primed to adopt enabling cyber security solutions

  • Optimizing data security in telematics to enable intelligence-driven monetization

  • The drive toward embedded cellular connectivity continues

  • The impact of a remote workforce

Source: asiainsurancereview.com


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