Safety products: IoT adoption increasing risk of cybersecurity attacks against utilities

Utility safety: Navigant Research Report shows 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.

Mar 13th, 2018
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Safety products: 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.

“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.

About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors.

About Navigant
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results.

For more information about Navigant Research or other products, click here to go to Utility Products’ website.

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