Increasingly stringent regulations globally, drive adoption of cyber security solutions
SINGAPORE, May 24, 2019 /PRNewswire/ -- The attacks on industrial systems and the industrial controls systems (ICS) architecture could range from physical impact, such as damage to the infrastructure, production downtime, loss of revenue, and hefty fines, to more severe consequences, such as injuries and even loss of life. In order to address the growing sophistication of attacks, vendors are offering security solutions across the Industrial Internet of Things (IIoT) architecture and not just for information/operational technology (IT/OT) networks.
"Industrial firms prefer to deploy security solutions that have security embedded in the design stage, which ensures higher protection," said Divya Prasad, Senior Industry Analyst, Digital Transformation, Asia-Pacific at Frost & Sullivan.
"Cybersecurity firms are focusing on delivering 'Security by Design' by incorporating features such as password protection, multifactor authentication, and other strong security functions," she noted.
Frost & Sullivan's recent analysis, Asia-Pacific Industrial Internet of Things (IoT) Security Industry Guide, provides an understanding of cyber security implications in an IIoT and ICS environment. It presents key demand drivers, trends and challenges impacting this space, as well as profiles of key vendors.
For further information on this analysis, please visit: http://frost.ly/3h4
With stringent regulations such as Health Insurance Portability and Accountability Act (HIPAA), General Data Protection Regulation (GDPR), and others such as new cyber security laws in China and Vietnam are exerting pressure on cyber security professionals.
In Singapore and China, 11 critical infrastructure (CI) sectors including aviation, banking and finance, government, healthcare, infocommunications, and media are required to conduct risk assessments at least once a year. This presents a huge opportunity for security service providers to meet the needs of CIs," noted Prasad.
For further growth opportunities, cybersecurity solution providers may look to:
- Develop solutions that will augment operational systems, with particular focus on facilitating more connections between the physical process and the Internet.
- Integrate software and smart devices with legacy ICS to ensure higher efficiencies.
- Adopt stringent and well developed security measures to stay compliant.
- Incorporate the security features at the concept ideation stage and deploy a multilayered security platform.
Asia-Pacific Industrial Internet of Things (IoT) Security Industry Guide is part of Frost & Sullivan's global Cybersecurity Growth Partnership Service program.
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SOURCE Frost & Sullivan