Spike in Cyber-attacks Triggers Need for Security Solutions amidst COVID-19 Outbreak
The COVID-19 outbreak has exposed the vulnerability of industrial control systems (ICS). Industrialists have become cognizant about the spike in cyber-attacks during the coronavirus pandemic. This issue has created revenue opportunities for companies in the industrial control systems security solutions market. Service providers in these markets are resolving issues of unauthorized access to networks and increasing efforts to prevent the spread of misinformation pertaining to political agendas.
The work from home (WFH) phenomenon is a direct result of the rise in cyber-attacks. Since organizations are rapidly deploying systems and networks for remote staff, malicious cyber criminals are taking undue advantage of the situation. Hence, service providers in the industrial control systems security solutions market are taking active measures to facilitate scanning and filtration of electronic communications to prevent intrusion from hackers.
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Design Aspects of ICS-tailored Security Controls Solve Cyber Security Issues
The industrial control systems security solutions market is anticipated to surpass the revenue of US$ 54.8 Bn by 2030. However, challenges in cyber security are hindering market growth. Many service providers tend to make a common mistake of only focusing on securing networks and ignore process control equipment, which plays a pivotal role in plant safety and reliability. In order to tide over these issues, companies in the industrial control systems security solutions market are focusing on design aspects of ICS-tailored security controls. This helps to gasp the difference between an ICT (Information and Communication Technologies) and an ICS security program.
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Products Incorporate Secure-by-Design Principles into Automation, Control Systems
The industrial control systems security solutions market is projected to expand at a striking CAGR of 11.5% during the forecast period. Although cyber-attacks are a threat to security systems, these threats play as a catalysts role for modernization of industrial control systems security solutions. Service providers are developing security solutions by innovating in designs of products to reduce lifecycle costs and improve cyber security.
Companies in the industrial control systems security solutions market are offering products that incorporate secure-by-design principles into automation and control systems or instrumentation. Unique backplane designs and port locking features form an important part of secure-by-design principles. Companies are tying up with suppliers that provide tested and verified reference architectures to develop reliable system and network designs.
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Smart, ML-powered Security Systems Mitigating Risks of Cyber Threats
The proliferation of the IoT (Internet of Things) in the industrial control systems security solutions market is predicted to significantly mitigate cyber threats. The U.S. multinational technology company Microsoft is tapping into incremental opportunities in the chemical & pharmaceutical production, robotics, and power generation applications, among others, to increase penetration of IoT in security systems.
Smart, interconnected, and machine learning (ML) powered systems are mitigating risks of cyber threats. Chief Information Security Officers (CISOs) in med-tech companies, oil production, and transportation industries are directing investments in security systems equipped with IoT and ML. Companies in the industrial control systems security solutions market are witnessing high demand for products that provide security in custom-built solutions for operating technologies (OT) and ICS.
