Today and moving forward, the risk of our times is digital in nature (IoT, AI, ASI, Bigdata, Cloud). It comes through knowing a specific technical protocol like ModBus and manipulating it to control an asset. Or obfuscating digital machine readings so operators are blind to equipment that might be surpassing safety thresholds. Approximately 64 percent of industrial companies recently surveyed have started a digital initiative or IIOT, or plan to within the next year. Yet very few have adopted the corresponding levels of security, whether related to people, process, or technology. About half of the industrial companies surveyed don’t have accountable cybersecurity leaders at the manufacturing plant level (51 percent) or enterprise level (45 percent), and only 37 percent of plants are monitoring for suspicious behaviour. We are still at the early stages of industrial cyber-security compared to the maturity of its safety programs, and compared to how many digital industrial innovations are yet to come.
The Cyber-Security Challenge
As our world becomes increasingly digital, we face more cybersecurity challenges. Cybercriminals are going to create 3.5 million new, unfilled cybersecurity jobs by 2021. Compare that with one million openings in 2016. That’s an increase of 350 percent in just five years. And with that increase comes some serious cybersecurity revenue dedication. Everywhere, businesses are investing a remarkable amount of money into hiring security professionals, maintaining customer privacy and avoiding ransomware attacks.
The majority of global military powers have developed cyberwarfare capabilities and doctrines, and this will inevitably result in more states acquiring this capability in the near future. Non-state actors have also become highly proficient in exploiting cyber vulnerabilities.
This environment raises questions about the trends in cyberwarfare and offensive cyber tactics, the appropriateness of existing international humanitarian laws on the use of force in cyberspace, and the concomitant obligations of states and international institutions in managing all of this.
The scars of Wannacry have not healed yet, but there comes a new ransomware attack to haunt the cyber world again. Petya, another ransomware, has hit organizations across Europe. Unfortunately, it’s far more sophisticated and disruptive to your operations.
The global cybersecurity market is expected to grow at a double digit CAGR from 2018 to 2023, leading to global revenue of USD 193.76 Bn by 2023. Cybersecurity solutions are being increasingly used across various public and private enterprises in order to ensure protection of critical personal and financial information, to mitigate risks and to establish comprehensive protection against any form of cyber-attacks.
The adoption of cybersecurity solutions is expected to grow with the increasing penetration of internet among developing and developed countries. Also, the expanding wireless network for mobile devices has increased data vulnerability making cybersecurity an integral part of every single organization across the world.
Some of the key questions that come across are:
- How is the distribution of breaches spread across different industry verticals?
- How weapons of cyber destruction are getting more sophisticated with widespread availability?
- How countries around the globe are strengthening their breach notification and cross-border transfer regulations?
- How enterprises around the globe are tightening their cyber defenses?
- How security management and governance of organizations is faring?
- How ready are businesses to collaborate with their competitors when it comes to cyber security?
- What future opportunities can be envisaged in the security automation space?