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Modernization and Greenfield Opportunities
As critical infrastructure industries move towards a more connected and integrated operating ecosystem, it becomes crucial for end users to focus on the expanding threat surface areas. This research service identifies the emerging trends and evolving business models for cybersecurity in the US chemical industry. It was developed based on a series of Frost & Sullivan-moderated online discussion boards with participants in the power, chemicals and petrochemicals, and oil and gas industries. The study examines the current state of cybersecurity preparedness, as well as best practices, unmet needs, and industry challenges in the chemical manufacturing and processing, storage, and transportation segments.
Cybersecurity in the Chemical Industry: Key Takeaways, US, 2014
1 Although the overall cybersecurity has improved in the US chemical industry, approximately two out of three attacks are not discovered internally, but are reported by an external agency.
2 The annual budget spent on cybersecurity for smaller companies ranges from to %, while the budget spent on larger companies ranges from to %.
3 Regulatory compliance with government agencies is crucial and chemical companies take penalties seriously because of potential government investigations and fines.
4 In order to combat cyber attacks, it is necessary to ensure the privacy of company data and cybersecurity information sharing within the industry, as well as provide clarity and compliance about regulations.
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