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INDUSTRIAL CYBERSECURITY

Global Market Trajectory & Analytics

MCP12603

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  •  DATE

    JUNE 2020

  •  TABLES

    102

  •  PAGES

    665

  •  EDITION

    9

  •  PRICE

    US$4950


COVID-19 IMPACT SURVEY MAY 2020

The global market for industrial cybersecurity is projected to reach US$25.6 billion by 2027. The COVID-19 pandemic is acting as a key catalyst for the long-term growth of the market. The pandemic by accelerating the digital transformation curve has also highlighted the extreme vulnerability of digital assets. Social distancing as a means to reduce the spread and transmission of the disease is resulting in forced digitalization of operations right from remote offices to automation in factories to reduce worker density on plant floors. This has exposed digital assets to a whole new level of threat hitherto unimagined and unprepared for. As a lessonlearnt from the pandemic, investments in technologies like automation, smart factory, industrial internet of things, artificial intelligence, cloud computing, non-contact 3D printing/additive manufacturing, will spiral in the post COVID-19 period. In parallel, investments in cybersecurity technology solutions like block chain will also grow. Companies which until now have failed to invest adequately in internet and network security technologies will now double up the emphasis on the same to ensure business continuity and preparedness for future disasters. Over 85% of companies feel that cyber risks have increased significantly over the past year and even more so now as COVID-19 exposes digital assets to increased cyber security risk. From Jan-2020 to April 2020, corona virus related spam emails rose to 200,000 while malicious files & URLs rose to 95,000 and 26,000 respectively. Adapting manufacturing for COVID-19 will require automation and Industry 4. 0, which in turn will re-double the focus on cybersecurity practices.

Implementation of Industrial Internet of Things (IIoT), machine-to-machine communication (M2M), Industrial Control Systems (ICS) and Cyberphysical System (CPS) allow internet-borne cyber-threats to invade the once protected industrial networks. Industrial digital networks are the foundation for smart factories as they provide the additional intelligence needed for better performance and more flexible manufacturing. Developments in industrial Ethernet standards and protocols such as EtherCAT, EtherNet/IP, PROFINET, POWERLINK, SERCOS III, CC-Link IE, and Modbus TCP, have made industrial networks more robust to support industrial equipment and higher level network functions needed for industrial networking applications. Research efforts continue to be underway for Ethernet time-sensitive networking (TSN). As a result there is a growing shift towards the use of Ethernet for industrial control and automation applications. Benefits that Ethernet offers for industrial automation include reduced latencies; higher fault tolerances without additional hardware; and interoperability of solutions from multiple manufacturers. Ethernet is therefore increasingly replacing proprietary communications at the plant floor level to enable real-time automation networking. In other words, these networks today rely heavily upon mobile Internet, i. e. , telecommunication networks, which carry a higher level of security risks. The role of 5G in industrial automation and networking is poised to become bigger in the coming years. 5G network infrastructures will be key supporting assets and will be the core of Industry 4. 0. As myriad types and number of internet-enabled industrial devices act as end points for accessing manufacturing data, device and data security and safety is emerging into the spotlight.

Radical rethinking of industrial cybersecurity is therefore underway. Poor security is the key reason responsible for over 55% of cyberattacks faced by industrial control system networks. Digitized industrial systems are attractive targets as they cause infrastructure damage, physical damage of equipment, process paralysis that can cost millions of dollars in losses and unauthorized access to sensitive data. Types of threats and data breaches faced by industrial networks include ransom ware attack; VPNFilter (Botnet), malware, command and control threats, internal reconnaissance, lateral movement, and exfiltration. The untapped potential in the market can be put into perspective by the fact that cybersecurity still remains under financed and networks under-protected despite 70% of companies acknowledging attacks of their IIoT and ICS infrastructure as very likely. Growing awareness over evolving threats in the coming years will result in companies looking to harden their IoT assets against IT threats. As digital transformation accelerates as evidenced by increased incorporation of information technology into manufacturing environments, the need to comply with changing regulatory guidelines, intensifying competition, meeting customer demands, and managing cyber risks will become increasingly important.

Best practices for ensuring IIoT trustworthiness ranges from safeguarding endpoints, communication, connectivity, configuration management to monitoring. Few of the measures adopted by companies include mapping installations and analyzing risks; eliminating the use of bespoke operating systems and applications and using technology specially designed for industrial environments; deploying intrusion tests and security assessments for ICS; Deep Packet Inspection (DPI); use of threat behavioral analytics; among others. Top industries preparing for evolving cybersecurity threats include energy/utilities against the backdrop of growing investments in smart energy grids; healthcare/medical amid the rise of mHealth and tightening HIPAA compliance and protect electronic protected health information (ePHI) regulations; banking and finance against the backdrop of cashless transactions and e-commerce; and government and military as critical infrastructures become increasingly digitalized.

The impact of economic distancing from China as a result of the COVID-19pandemic is yet to be seen on the country's manufacturing sector. As the anti-China hate continues to spread amid the pandemic, several countries are beginning to shun supply chains in China and even relocating manufacturing plants out of the country. Broken global supply chains dominated by China and fast growing fears of China as a breeding ground for new zoonotic diseases given itswildanimal meat trade in wet markets, are chief reasons for the growing global distrust of the country. The implications of this on the country's global manufacturing dominance are still largely unclear. In the meantime, in a business-as-usual scenario after the pandemic will mean that China's growth will be supported by the massive planned digital upgrade of the domestic manufacturing industry which accounts for 30% of the world's manufacturing activity. The country's manufacturing productivity which remains only at 1/5th of the developed economies is in urgent need of modernization. The Chinese government's clear road map, unveiled in the pre-pandemic period, calls for adoption of Industry 4. 0, and other digital manufacturing capabilities encompassing cyberphysical systems; the Internet of Things; and cloud computing. This will mean that threat severity scores per 10,000 host devices will rapidly grow driving demand for cybersecurity solutions.

SEGMENTS

» End-Use (Power, Energy & Utilities, Transportation Systems, Chemical and Manufacturing, Other End-Uses) » Product (Gateways, Routers, Industrial Ethernet switches) » Type (Network Security, Application Security, Endpoint Security, Wireless Security, Other Types)

GEOGRAPHIES

» World » United States » Canada » Japan » China » Europe » France » Germany » Italy » United Kingdom » and Rest of Europe » Asia-Pacific » Rest of World

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