The research firm says cyber attacks within the energy and utilities industries alone cost an average of $13.2 million per year. These rising incidences of cyber attacks, coupled with evolving compliance regulations by governments, and increased awareness among mature and less mature markets, have accelerated the adoption of cybersecurity approaches. However, there is still a high level of ambiguity in addressing industrial cybersecurity, with existing cybersecurity services struggling to provide comprehensive visibility across both IT and OT networks.
"The industrial cybersecurity services market is at the high growth stage of its lifecycle, with rising awareness among end users, increased industrial control systems (ICS)-based attacks, and the rising need for cybersecurity skills," says Riti Newa, industrials research analyst. "Many end users have labour-intensive security practices and lack strong cybersecurity policies. Service providers can help automate cybersecurity services and provide a more holistic approach by offering joint solutions that provide a consolidated view of the IT and OT environment."
The report, called "Global Industrial Cybersecurity Services Market, Forecast to 2022," explores market adoption rates, requirements and trends across the market. It also covers emerging service models and their usages, as well as monetization strategies for those models.
Companies that are eager to grow within the industrial cybersecurity market can find opportunities through:
- Providing integrated platforms that can deploy a range of services to enhance the security posture of end users while incorporating the best security practices;
- Using automated management services and advanced analytics to develop a comprehensive service portfolio that can be adapted for all types of end users; and
- Offering flexible pricing models, such as cybersecurity-as-a-service (CSaaS), and lifetime services to increase accessibility across industries at a lower cost.