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According to a recent report from Pike Research, investments in smart-grid cybersecurity are estimated to soar to $3.7 billion.
The “Smart Grid Cyber Security” report explained that smart-grid deployments have resulted in more integrated, and therefore more vulnerable, control networks and IT networks. Investments to protect these infrastructures will rapidly grow to ensure that a stronger security system is implemented.
It explained that the technology is becoming more necessary as attackers continue to attempt to disrupt the security of the electrical power supply in the U.S.
“The electrical grid is being modernized and transformed into a smart grid,“ says senior analyst Bob Gohn, “but industry players have recognized that you can't have a smart grid without smart security. That's why total investment in these critical technology upgrades will grow at a rapid pace within the next few years.“
The intelligence firm has estimated cybersecurity spending will make up for about 15 percent of total smart-grid capital investment between now and 2015. Cumulative investment in the security sector will reach $21 billion between 2010 and 2015, with annual revenue reaching $3.7 billion by 2015. While North America will account for the largest share of the market in that year, Asia and Europe will also experience accelerated expansion.
