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Top power, energy and utility cybersecurity companies

As more sophisticated forms of cybercrime continue to appear, organisations are plagued by cyber-attacks.  

These attacks are becoming more advanced and persistent, designed to damage both the operations and the reputations of companies.

When it comes to susceptibility to cyberattacks, power companies are no exception.  

Companies manage an array of assets, including infrastructure, applications, managed and unmanaged endpoints, mobile devices, and cloud services, all of which can be attacked.  

GlobalData’s cybersecurity dashboards track data and information on cybersecurity in power.

Cybersecurity concerns in the power sector

When it comes to cybersecurity, energy utility companies have considered it to be a major concern for decades.  

This is partly due to the roles played by them as operators of critical infrastructure systems and providers of essential services.  

Cyberattacks have the potential to damage a country’s power grid, with their major goal being to cause widespread infrastructure failures.  

So, concerns about cybersecurity continue to be at the top of utilities’ agendas, driven by the rising interconnected nature of infrastructure and systems, and the growing number of attacks targeting utilities. 

Most organisations are relying on artificial intelligence (AI) to improve threat intelligence, prediction, and protection. It is also providing cover for the continuing cybersecurity skills gap.  

Despite AI’s potential for good, future AI-driven attacks are likely. The Covid-19 pandemic has highlighted why cyber-naïve remote workers need security awareness training to thwart hacker attacks.  

Attackers will target immature technologies, meaning 5G communications, smart cities, and the Internet of Things (IoT) are all at risk.

Threats in cybersecurity for energy utility companies

Power utilities’ cybersecurity threats will continue to grow. Utilities’ existing systems are now becoming increasingly connected through sensors and networks and are becoming increasingly difficult to control, due to their dispersed nature.  

This growing attack surface can potentially provide an opportunity for attackers to target the grid, as they did in Ukraine in December 2015.  

Hackers attacked three power distribution companies in the country and disrupted the electricity supply temporarily.  

This was followed by another cyber-attack in Ukraine’s capital city Kyiv in December 2016 that caused a power outage between 17 and 18 December.  

Recently, the European Network of Transmission System Operators for Electricity (ENTSO-E), which represents 42 European transmission system operators (TSOs) in 35 countries, became the latest victim of a cyberattack.  

Cybersecurity risk energy landscape

Cybersecurity is the body of technologies, processes and practices designed to protect networks, computers, programmes and electronic data from attack, damage, or unauthorised access.

Rising security threats and evolving security and privacy requirements are affecting power and utility companies, as well as all energy players.

Individual attacks and cyber warfare tactics highlight the importance of critical infrastructure investments for power and energy companies.  

These investments will strengthen their information security infrastructure, build resiliency into company operations, and encourage technology collaborations in a hyper, technology-driven environment.  

Complex cybersecurity landscape power companies 

Today’s always-connected world offers a myriad of opportunities for cyber attackers to disrupt countries, organisations, and individuals.  

The four main types of threat actors, notably thieves, hacktivists, terrorists, and other malicious players. 

Today, mining and metals companies are plagued by cyberattacks that are advanced, persistent, and highly sophisticated.  

These can damage or destroy both the operations and global reputation of leading mining companies and can do so quickly.  

Companies manage an array of assets, including infrastructure, applications, managed and unmanaged endpoints, mobile devices, and cloud services, all of which can be attacked.  

Cybersecurity deals activity in the power sector

Our GlobalData cybersecurity deal tracker in the power sector monitors ongoing deals involving cybersecurity or similar technologies over the past nine quarters. 

Forecasts for cybersecurity in the power market  

Global security revenues are headed for strong growth in the first half of the 2020s, reaching $198.0bn by 2025.  

The strongest growth will be in software, which will record a CAGR of 13% between 2020 and 2025, rising from $52.1bn in 2020 to $96.5bn in 2025. 

Over the same period, hardware revenues will increase from $26.5bn to $40.7bn a CAGR of 10%.  

Services will record the smallest CAGR (5%), rising from $47.9bn in 2020 to $60.7bn in 2025. By 2025, global security revenues will have reached $198bn.

Cybersecurity-driven innovation in the power sector 

To best track the emergence and use of cybersecurity in power, Power Technology tracks patent filings and grants, as well as companies that hold most patents in the field of cybersecurity. 

Number of patents in cybersecurity in the power sector: past 20 years 

Cybersecurity patent tracker in the power sector monitors the patents filings and grants over the past two decades. 

Pandemic impact on companies in cybersecurity in power 

The Covid-19 outbreak has brought major disruption to businesses across all sectors.  

It has brought office life around the world to a virtual standstill and led to the mobilisation of a home-working army, which, at short notice, had to be given the tools to work remotely.  

Rather than a planned roll-out, with all the necessary cyber safeguards and policies carefully put in place and stress-tested, organisations had to hurriedly buy laptops, set up virtual private networks (VPNs), and send their staff home to learn remote-working on the job, all while remaining cyber-safe.  

Other critical areas include minimising disruption to supply chains, including ensuring credible cloud security measures are in place as greater pressure is placed on accessing data outside the enterprise network.  

Security teams must also ensure business continuity, particularly in sectors such as healthcare and grocery retail that are providing critical public services in the battle against Covid-19.  

For all sectors, monitoring shadow IT and providing security in cloud IT environments is a necessity.  

For organisations, managing cybersecurity is a challenge at the best of times. For cybersecurity companies, it is always an uphill battle to remain just one step behind the attackers. 

The Covid-19 outbreak is discussed in our report, focusing on the impact of the virus on leading companies in the security software sector, which impact the cybersecurity companies in mining and metals.  

Cybersecurity job insights in the power sector

Power Technology monitors live power company job postings mentioning cybersecurity or those requiring similar technical skills. 

Jobs postings by power companies that mention cybersecurity. Our cybersecurity jobs tracker in the power sector looks at jobs posted, closed and active in the sector. 

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