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Investments in Smart Grid Cyber Security to Total $14 Billion Through 2018

In many respects, the topic of smart grid cyber security has gone quiet in recent months. Gone are the high profile meter hacks and daily new product releases that characterized the field in the last two years. Even the Stuxnet worm, which first emerged in June of 2010, seems to have fallen off the radar for many utility CIOs and security managers. Unfortunately, very few smart grid security issues have been resolved over the past year, and increasing smart grid deployments mean that the issues are now more critical than ever. The good news is that utility operations teams have increased their cyber security savvy over the past 12-18 months, and are now open to discussions about protection products, sometimes demanding those discussions. According to a recent report from Pike Research, those conversations will lead to significant growth in the sector over the next several years. Cumulative smart grid cyber security investment from 2011 to 2018 will total $14 billion, the cleantech market intelligence firm forecasts.

“Cyber security remains a check-the-box exercise for many utilities, with spending limited to whatever is needed to survive compliance audits,” says senior analyst Bob Lockhart. “As some technologies, such as smart metering, near a decade of thought and deployment, the approach to cyber security has become more thoughtful. One thing, unfortunately, has not changed: cyber security is still way behind the attackers.”

Meanwhile, Lockhart adds, control system security has begun to receive the attention it deserves as a critical element of grid stability. As utilities’ operations teams have become savvier about security, the likelihood that IT security solutions will be considered as immediate fits for control systems, without modification, has lessened. Smart grid technology vendors are now proactively seeking out security vendors for assistance in building cyber security into their new products. As a result, 63% of smart grid cyber security investment through 2018 will be focused on utility control system segments.

Pike Research’s report, “Smart Grid Cyber Security”, assesses the threats and vulnerabilities that confront smart grid technologies, to arrive an analysis of the most significant cyber security investments and market opportunities. The report includes a detailed examination of key market drivers and barriers, along with profiles of key industry players and global forecasts, segmented by region and application area, for smart grid cyber security revenue through 2018. An Executive Summary of the report is available for free download on the firm’s website.

Contact: Richard Martin

+1 303 997 7609

press@pikeresearch.com
Source pikeresearch.com

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