Managing IoT Cybersecurity Threats in the Energy Cloud Ecosystem

Cybersecurity attacks threaten the grid, enterprises, and consumer devices on a nearly constant basis. The growing adoption of Internet of Things (IoT) devices and systems heightens this threat, giving attackers an expanding number of vectors and surfaces to target. At risk are not only valuable digital assets, private information, and corporate secrets, but also potential physical harm as the result of a cyber attack. From an enterprise perspective, Oracle Chairman Larry Ellison has said companies are losing this cyber war, adding: “Make no mistake, it’s a war.”

The situation is serious, and the urgency to act among corporations is more apparent than it was just a few years ago. Technology solution vendors report a change among corporate customers that now demand more robust security all along the value or supply chain to defend against such intrusions. These customers are aware of the security risks related to IoT projects and have made security a much higher priority. Security experts say new tools and methods are in place for detecting and preventing attacks, and the effort to stay ahead of bad actors is ongoing. On the consumer side, there is a similar need to improve security for connected home devices and services, but less urgency since the stakes vary. Nonetheless, as more people adopt IoT technologies and new threats appear, the need for stronger IoT security endures.

This Navigant Research report 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.

Key Questions Addressed:
  • What are recent examples of cybersecurity threats to Internet of Things (IoT) deployments?
  • What drivers are shaping the IoT cybersecurity market?
  • What are some of the latest tools for thwarting cybersecurity attacks aimed at IoT projects?
  • What are the common vulnerabilities and attack surfaces present in IoT settings?
  • What is the global revenue forecast for IoT cybersecurity spending over the next decade?
  • What strategies should be adopted for thwarting IoT cyber attacks?
Who needs this report?
  • Utility security managers
  • Chief security information officers (CSIOs)
  • Enterprises
  • Internet of Things (IoT) cybersecurity solution vendors
  • IoT platform vendors
  • Industry groups and alliances
  • Regulators
  • Investor community

Table of Contents

Spark

Context

Recommendations

Cyber Threats Create a Sense of Urgency

Attacks Send Wake-Up Calls

Significant Risks Drive Need for Enhanced IoT Defenses

IoT Ecosystem Needs Higher Security Standards

Significant Barriers Hamper Enhanced IoT Security

Complexity and Costs Factor into Cybersecurity Equation

Regulators Coming to Grips with IoT Device Security

Consumers Wary of IoT Intrusions, Expect Regulations

IoT Threat Awareness Evolving Even as Threats Persist

New Approaches, Tools Even the Security Fight

Chip Makers Step Up with Solutions

Multi-Tiered Defensive Stance Yields Fruit

Moving from Reactive to Proactive, Even Predictive Techniques

Recommendations

Embrace a Robust Security Strategy

Set Up a Response Plan

Train Internal Teams and All Employees, Too

Do Not Skimp on Training

Educators Recognize Need, Offer Support for Cybersecurity Instruction

Seek Partners and Suppliers with Strong Security Standards

Evolve the Strategy

List of Tables, Charts, and Figures

  • IoT Cybersecurity Revenue by Region, World Markets: 2017-2026
  • TVA’s Cybersecurity Event Process
  • IoT Vulnerabilities, Attack Surfaces

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