Cyber security spending around the crucial infrastructure solutions will surge by $9 billion, with an average YOY of almost 10% – reveals a study by ABI Research.
Cybersecurity expenditure in critical infrastructure across different industry verticals has been impacted amid the pandemic – putting businesses to save while reshuffling with where to spend. This effect has been mainly reflected due to the proliferated demand for secure and remote connectivity.
As a result, the cybersecurity spending for critical infrastructure will increase by nearly $9 billion in this evolving era, touching almost $105.99 billion in 2021- indicated a study by ABI Research. In addition, this unprecedented time sees improved connectivity to become a key area of focus.
The main challenge for the critical infrastructure operators currently is to ensure systems and services keep functioning efficiently – even with the surged remote workforce globally. Hence, organizations are putting more emphasis on making sure that the infrastructure operations can be monitored securely and managed remotely by authorized staff.
The cybersecurity spending by different countries has not improved significantly. But, most of them have been maintaining similar funding plans like previous years. As a result, the average YOY growth rate is projected to be around 5 -10%.
There is no denying that secure connectivity is a key priority, especially after the SolarWinds Orion hack last year. It has sharpened the need for better vetting of services offered by third-party contractors and the remote update processes.
Michela Menting, Digital Security Research Director of ABI Research, explained in a statement – “The implications for national security are significant, and critical infrastructure operators and governments worldwide are now re-evaluating and re-assessing the risks as they relate to remote management.”
The effect of security spending is still the first and foremost aimed at data security, IT networks, and IT systems from a defensive perspective. It is where the primary threats are focused, and the security operators are intensely aware of the forthcoming complications of such breaches.
On the other hand, more efforts are being placed on advanced security investments in order to prepare response mechanisms and secure operational technologies. It is primarily due to the operators in various sectors going through a digital transformation while they start processing towards smart as well as connected IoT infrastructures.
While cybersecurity spending is essential in information and communication technologies, financial services and defense, it still lags in the industrial sectors like water, energy, and waste management – as the risks related to physical threats are highly critical at the moment.
However, the progress is slow – since many sectors are bounded by privacy and regulations. This is making it difficult for them to modify quickly. Furthermore, new security processes demand time for testing and validation before being successful for use – ensuring that they do not compromise the integrity or functioning of current operations.
Michela Menting also added, – “By and large, security spending in critical infrastructures is wide and varied, and diverges significantly among regions due to policy and regulation but is overall embracing cybersecurity much more holistically as connectivity and digitization continue to play increasing roles in everyday operations.”