1. Market Research
  2. > Manufacturing
  3. > Industrial Equipment Market Trends
Global Industrial Cybersecurity Industry

Global Industrial Cybersecurity Industry

  • September 2020
  • 665 pages
  • ID: 5798849
  • Format: PDF
  • Global Industry Analysts

Summary

Table of Contents

MARKET IMPACT SURVEY - COVID-19 & LOOMING RECESSION

Timely market intelligence is paramount in these uncertain times!

We launched an impact survey to update this project with timely insights during 2020. Update frequency will depend upon evolving market conditions and executive opinions. Our participants are executives driving strategy, marketing, sales and product management at competitive companies worldwide. All updates during the rest of the year are complimentary to clients!

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.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.
Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Analytical instrument Market in US 2020-2024

  • $ 2500
  • August 2020
  • 120 pages

Analytical instrument market in US 2020-2024 The analyst has been monitoring the analytical instrument market in US and it is poised to grow by $ 6.32 bn during 2020-2024, progressing at a CAGR of 3% ...

  • United States
  • Generic Drug
  • Industrial Control System
  • Industry analysis

ref:plp2020

Reportlinker.com © Copyright 2020. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on