IoT Adoption Is Increasing the Risk of Cybersecurity Attacks Against Utilities

As IoT technologies become more popular, new threats are appearing and the need for stronger IoT security endures

A new report from Navigant Research looks at cybersecurity threats related to the Internet of Things (IoT) that pose challenges to utilities and other enterprises, providing details on regulatory frameworks and basic strategies for secure IoT implementation.

Cybersecurity attacks threaten the grid, enterprises, and consumer devices on a nearly constant basis, putting valuable digital assets, private information, and corporate secrets at risk, while also carrying the potential for physical harm. As IoT technologies become more popular, new threats are appearing and the need for stronger IoT security endures. Click to tweet: According to a new report from @NavigantRSRCH, growing adoption of IoT devices and systems is increasing the number of vectors and surfaces for cybersecurity attacks against utilities and other enterprises.

“The mushrooming number of IoT devices being deployed by utilities and other enterprises carries an obvious and growing security risk,” says Neil Strother, principal research analyst with Navigant Research. “Smart managers need a comprehensive strategy to stay ahead of potentially devastating threats to IoT assets. No longer can managers rely on an old-school reactive approach; instead, they and their security teams must adopt the latest proactive and predictive tools and methodologies to keep devices and systems safe.”

According to the report, the urgency to proactively prevent threats has escalated quickly in the past few years, with corporate customers demanding robust security along value and supply chains. On the consumer side, there is a similar need to improve security for connected home devices and services.

The report, Managing IoT Cybersecurity Threats in the Energy Cloud Ecosystem, examines the IoT cybersecurity threats challenging not only utilities, but also other enterprises that have deployed or will be deploying IoT technologies. It examines some of the regulatory frameworks shaping this market and considers the basic strategies that often go unheeded but are necessary for a successful and secure IoT implementation. This study also offers practical steps that stakeholders should take to significantly reduce the ongoing risks they face from cyber attacks. An Executive Summary of the report is available for free download on the Navigant Research website.

Contact: Lindsay Funicello-Paul

+1.781.270.8456

lindsay.funicello.paul@navigant.com

* The information contained in this press release concerning the report, Managing IoT Cybersecurity Threats in the Energy Cloud Ecosystem, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.

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