Cyber security and CIP to see major growth through 2018, according to new report
SUBNET Solutions Inc | Monday, July 15, 2013
Global revenue for critical infrastructure protection (CIP) is expected to grow over the next five years as companies look to secure their power grid in the face of more cyber security threats.
Given the recent action seen across government and private institutions, it is becoming evident that cyber security across the nation's infrastructure is a priority. With the National Security Administration Chief, Keith Alexander, explaining that the country's critical infrastructure is particularly vulnerable and among the country's highest security risks, it is evident that utilities throughout the country need to invest in the protection of their energy grids. This need for increased protection is not only specific to the United States but to many country's whose grid could benefit from much needed modernization.
Global CIP revenues to increase
Because of this growing need, a new Research and Markets report expects that CIP will see substantial growth over the next five years. The current $63.76 billion market is expected grow by over $40 billion to $105.95 billion by 2018 with a compounded annual growth rate of 10.7 percent.
The report partially attributes this growth to governments addressing terrorist attacks, natural disasters, epidemics and cyber intrusions through CIP solutions and the expectation that infrastructure construction is likely to increase. These numbers are further reinforced by a report published last year by Pike Research that expects cumulative smart grid cyber security investment between 2011 and 2018 will reach $14 billion.
Technologies seeing implementation
The Research and Markets report explains that technologies involved with network, physical and SCADA security are among the solutions that will be utilized in CIP over the next five years. Aside from protecting infrastructure from cyber threats, it is expected that these technologies will be able to improve command and control systems, remote monitoring, quick response systems, and accelerate performance through simplified operations.
The technology is expected to be highly utilized by utilities as the Pike Research report expects that 63 percent of the $14 billion in predicted investments will be focused on utility control system segments.
Protecting the electric grid
Expectations for CIP have increased in recent years in light of the increase in cyber security threats. In the United States, a series of strict standards have been implemented by the North American Electric Reliability Corporation (NERC) to ensure that the nation's electric grid is properly guarded.
SUBNET Solutions helps utilities comply with the NERC CIP standards by leveraging their existing utility assets and IT policies so as to protect their infrastructure without having to undergo a complete grid overhaul.
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