Digitalisation has been a theme that has been heavily adopted in the power sector in recent years. Consequently, the importance of cybersecurity in the power sector has commensurately increased with the adoption of more and more digital devices. This trend is set to continue in the future as technologies such as augmented reality (AR), artificial intelligence (AI), drones, and others increase in their utility through technological advances—their adoption will increase, and cyber-attacks will rise in threat.
The benefits of digitalisation are wide-ranging, but cybersecurity is the Achilles heel of digitalisation. Given the destructive nature of a cyber-attack on a power company, ensuring resolute cybersecurity is just as important as any attempts to digitalise assets and processes.
Leading cybersecurity companies in the power sector
Leading vendors have developed cutting-edge technologies focused on the internet of things (IoT), the industrial IoT (IIoT), and operational technology (OT) defence. Leading adopters have either invested in products or services or developed them in-house.
Leading adopters of cybersecurity in the energy sector include Duke Energy, Engie, E.ON, Electricite de France, Iberdrola, Duke Energy, General Electric, and Siemens.
Discover the leading cybersecurity companies in the power sector
Using its experience in the sector, Energy Monitor has listed some of the leading companies providing products and services related to cybersecurity in the power sector.
The information provided in the download document is drafted for cybersecurity executives and technology leaders involved in cybersecurity solutions.
The download contains detailed information on suppliers and their product offerings, alongside contact details to aid purchasing or hiring decisions.
Amongst the leading cybersecurity suppliers are Bitdefender, Claroty, Nozomi Networks, Rhebo, Siemens (Eos.ii), Kognitiv Spark, and Mission Secure.
Future of cybersecurity in the power sector
As we move toward an increasingly online world, the importance of cybersecurity for power utilities will only increase. Spending on cybersecurity in the energy sector is headed for strong growth in the first half of the 2020s and is forecast to reach $10bn by 2025, rising at a compound annual growth rate (CAGR) of 9.1% between 2019 and 2025.
The strongest growth will be in software, which will record a CAGR of 12.5% between 2019 and 2025, rising from $2.5bn in 2019 to $4.8bn in 2025. Over the same period, hardware expenditure will increase from $1.2bn to $2bn, a CAGR of 9.3%. Services will record the smallest CAGR, 4.6%, rising from $2.3bn in 2019 to $3.1bn in 2025.