Protecting Critical Infrastructure from Cyber Threats Will Lead to Major Spending

Global spending on cyber-security infrastructure was $41.76 billion during last year. ABI Research (News - Alert) predicts there will be increased spending on securing these national resources over the next five years.

As an example, ABI predicts that worldwide spending on cyber-security solutions to secure electrical grid infrastructure will total $2.9 billion by the end of 2013.

The overall money is being spent by governments, non-governmental organizations (NGOs), technical organizations, and private operators of critical infrastructure, the study said. Also, new needs will have to be met in such areas as education, research and development, standardization, and training.

“Cyber security for critical infrastructures has become an issue of primary importance to nation states,” ABI Research said in a recent report. “The cornerstone of implementing a viable digital society relies heavily on the concept of ensuring trust in the underlying infrastructure. Energy, telecoms, healthcare, and transport systems and other critical sectors are making use of Internet connectivity and next generation technologies to boost productivity and improve efficiency. Protecting these networks from cyber threats requires a national approach.”

“Nation states need to focus on elaborating cyber security strategies as their critical sectors go online. Research and development of policies, regulation, cooperative schemes, public-private partnerships, guidelines, and best practices are all important elements in developing a robust strategy that can minimize cyber risks and strengthen infrastructures,” Michela Menting, an analyst at ABI Research, said in a statement carried by TMCnet.

ABI’s new study, “Cyber Security Policy in Critical Infrastructure” focuses on North America and Europe.

In recent months, ABI also has highlighted how the electrical grid is “woefully prepared for cyber security threats,” TMCnet reported.

Another cyber-security concern is infrastructure for oil and gas companies.

"Oil and gas companies have been the victims of sophisticated cyber threats since 2009. Many of these attacks have caused significant financial damages - and yet the industry is painstakingly slow in deploying proper cyber security measures adapted to the infrastructure," Menting said.

Cyber-attacks on the oil and gas infrastructure could lead to environmental crises. ABI Research predicts that cyber-security spending on oil and gas infrastructure will reach $1.87 billion by 2018. This includes counter measures, industrial control systems and data security, as well as IT networks, policies and procedures, TMCnet reported.