Critical Infrastructures – Cybersecurity Solutions Market on the Rise
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Cyber attacks on critical infrastructures such as the electric grid or water installations have the potential to cause considerable damage to national security and economy. Cyberattacks on industrial sites can disrupt their functioning and result in million-dollar losses. The last few years have seen a rise in the complexities and sophistication of financially-motivated cyberattacks especially targeted toward critical infrastructure.
Recent reports suggest that Israel was behind a cyberattack that seriously disrupted operations in the Bandar Abbas port in southern Iran in retaliation to an earlier attack on Israel’s water infrastructure, attributed to Iran.
Israel’s National Cyber Directorate stated that the attack consisted of “assault attempts on control and control systems of wastewater treatment plants, pumping stations and sewers.” The washingtonpost.com claimed that the Iranian attempt was detected by Israel’s cyber defenses and did not cause serious damage.
Interested in learning more about cybersecurity solutions for critical infrastructure? Attend i-HLS’ InnoTech Expo in Tel Aviv – Israel’s largest innovation, HLS, and cyber technologies expo – on November 18-19, 2020. Meet InnoTech’s steering committee
Although cyberattacks on the electric grid grab the lion’s share of attention, attacks on water facilities typically generate little press coverage or public focus. The lower profile of water companies when it comes to cybersecurity is surprising given the far more significant damage a water supply attack could pose, according to csoonline.com.
The protection of such infrastructures is therefore imperative. A global forecast evaluates that the Critical Infrastructure Protection (CIP) Market will reach 9 billion in 2020 and is expected to grow to USD 152.3 billion by 2025, at a CAGR of 3.4%.
According to reportlinker.com report, the market growth is driven by various factors, such as the growing need to secure Operational Technology (OT) networks, increased government regulations, and rising security breaches and attacks that pose a threat to physical systems.
CIP cybersecurity solutions help combat advanced threats and vulnerabilities and secure critical infrastructure. Therefore, cybersecurity plays a significant role in the CIP market and cybersecurity solutions are expected to grow at a higher CAGR during the forecast period. Altogether, the report evaluates that physical identity and access control is expected to grow at the highest CAGR.
Attend i-HLS’ InnoTech Expo in Tel Aviv – Israel’s largest innovation, HLS, and cyber technologies expo – on November 18-19, 2020 at Expo Tel Aviv, Pavilion 2.
