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

BOULDER, Colo.–(BUSINESS WIRE)–#Cybersecurity–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.

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. Additional information
about Navigant Research can be found at www.navigantresearch.com.

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. More information about Navigant can be found
at 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.

Contacts

Navigant Research
Lindsay Funicello-Paul, +1-781-270-8456
[email protected]