Global spending on cyber security solutions to safeguard the electrical grid infrastructure is anticipated to reach $2.9bn by the end of 2013, according to a new report from ABI Research.
The report reveals that the incorporation of information and communications technologies (ICT) into the electrical grid has transformed the previously isolated structures into open and networked environments making them vulnerable.
ABI Research cyber security senior analyst, Michela Menting, said cyber-attacks that can cause serious damage to electrical grids are a reality.
"Operators need to view cyber security as a core, integrated requirement of their offering and not as a secondary add-on," Menting said.
"Efforts by governments and standardisation bodies to tackle vulnerabilities within power control systems are raising the level of awareness."
Streamlining of the power sector and the emergence of the smart grid has ignored issues related to cyber security, the report said.
Incorporating port authentication, little encryption methods, the industrial control systems cannot frequently identify intrusions, further failing to deal with cyber security, which is resulting in rise in the susceptibility to cyber-attacks.
"This is in turn driving a dedicated market in cyber security for critical infrastructure, targeting the security of industrial control systems, substations and advanced metering capabilities," Menting added.
Firms including GE, Siemens, and Honeywell provide respective cyber security services together with their ICS product offerings.
