November 13, 2024 at 05:36PM
A recent ABI Research survey found that industrial manufacturers prioritize network security for cybersecurity investments due to increasing cyber threats and regulatory pressures. With a projected $2 billion market for cybersecurity solutions in 2024, focus areas include authentication, access control, and threat detection to mitigate risks from cyber events.
### Meeting Takeaways:
1. **Top Investment in Cybersecurity**: Industrial manufacturers prioritize network security as their primary investment to protect against cyber threats, as highlighted in ABI Research’s recent survey.
2. **Growing Security Focus**: Increasingly digitized industrial assets necessitate a strong focus on network security technologies, particularly authentication and access control, in response to cybercrime and regulatory pressures.
3. **Impact of Network Breaches**: Network breaches can lead to significant consequences, including unplanned downtime, revenue loss, and regulatory liabilities, particularly in Europe due to strict regulations like GDPR, the NIS2 Directive, and the Cyber Resilience Act.
4. **Threat Landscape**: Industrial manufacturers face substantial risks from ransomware, supply chain vulnerabilities, and social engineering, positioning them as prime targets for cyberattacks.
5. **Rising Demand for Cybersecurity Solutions**: The market for cybersecurity solutions aimed at operational technologies is expected to reach US$2 billion by 2024, driven mainly by an increased need for network security and segmentation technologies.
6. **Survey Insights**: Key investments identified by manufacturers include network security solutions such as access control, authentication, and threat detection.
7. **Research Background**: These findings were published in ABI Research’s report, “Industrial and Manufacturing Survey 1H 2024: Cybersecurity Impacts and Investments,” which is part of the OT Cybersecurity research service.
8. **About ABI Research**: ABI Research is a global technology intelligence firm providing strategic guidance and research focused on transformative technologies impacting various industries.
For further inquiries, ABI Research can be contacted through the provided phone numbers or by visiting their official website.