Industrial manufacturers prioritize network security as their top cybersecurity investment, according to a recent survey by ABI Research. This focus on network security technologies like authentication and access control stems from the increasing connectivity and digitization of industrial assets, which provide valuable information about processes and workforce. The heightened emphasis on security is also driven by a combination of industrial-specific security regulations and the growing threat of cybercrime targeting valuable data in manufacturing processes.
The survey findings highlight the importance of network security for industrial manufacturers, as network breaches can have significant repercussions on operations. Unplanned downtime can impact production, leading to revenue loss and potential regulatory liabilities for data breaches. In Europe, non-compliance with regulations like the General Data Protection Regulations, the NIS2 Directive, and the Cyber Resilience Act can result in financial penalties for industrial manufacturers.
Michela Menting, Senior Research Director at ABI Research, notes that industrial manufacturers are a prime target for threat actors due to the prevalence of counterfeiting in contract manufacturing and the looming ransomware threat. Supply chain vulnerabilities and social engineering tactics also pose significant risks for manufacturers as they connect their industrial assets to operational networks.
As a response to the growing cybersecurity threats, the demand for cybersecurity solutions tailored to operational technologies is on the rise. ABI Research forecasts a $2 billion market globally by 2024, driven primarily by the demand for network security and segmentation technologies. Manufacturers are prioritizing investments in network security solutions such as access control, authentication, and threat detection to enhance their security posture.
A recent report by ABI Research revealed the escalating threat landscape faced by industrial operations as they embrace digitization and smart manufacturing trends. Operational Technology (OT) attacks are becoming increasingly common, widespread, and frequent, prompting a surge in the OT cybersecurity market. The market is projected to grow from $12.75 billion in 2023 to approximately $21.6 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 9.2 percent. Network security and segmentation technologies are expected to experience the most significant growth, followed by identity and access management and endpoint protection solutions.
In conclusion, industrial manufacturers are actively investing in network security technologies to fortify their defenses against cyber threats. The evolving cybersecurity landscape, driven by regulatory requirements and the specter of cybercrime, underscores the importance of prioritizing network security in safeguarding industrial operations. As the industrial sector continues to digitize and embrace new technologies, robust network security measures will be essential in mitigating risks and ensuring the resilience of industrial assets against cyber threats.