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Report: Worldwide spending smart grid cyber security to reach $1.3 billion by 2015

SUBNET Solutions Inc | Friday, April 22, 2011

Pike Research recently conducted a study regarding the market for smart grid cyber security technology. As more companies turn to the smart grid, spending on security products will increase. Thus, the research firm estimates that worldwide spending on security for smart grid technologies will reach $1.3 billion by 2015.

Protecting the smart grid has become essential as more companies have adopted it and technologies are developed for it. The smart grid allows companies and consumers to better regulate their energy usage, and, in return, both can control their costs.

"Smart grid cyber security is significantly more complex than the traditional IT security world. It is a common misperception that IT networks and industrial control systems have the same cyber security issues and can be secured with the same countermeasures. They cannot," said Pike Research senior analyst Bob Lockhart. "To successfully secure the electrical grid, utilities and their key suppliers must design solutions that effectively bridge the worlds of information and operations technology."

Among the security features many companies will invest in are stronger identity management, computer incident response, business continuity planning, multi-factor authentication on powerful consoles, stronger cyber security for smart meters, data privacy and end-to-end encryption.

Also helping the cyber security field, the North American Electric Reliability Corporation (NERC) has installed its NERC CIP requirements for all those in the electric sector to develop risk-based security policies regarding their specific assets, architecture and exposure.

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