Analysis by Frost & Sullivan, ‘Global Oil and Gas Infrastructure Security Market Assessment’, has indicated that the market earned revenues of US$ 19.63 billion in 2013. Frost & Sullivan estimates that this is to reach US$ 24.68 billion in 2021.
The report additionally highlights that cyber security is not a current spending priority among oil and gas companies. They are currently more likely to spend on safety measures such as the detection and prevention of fire than cyber security, even though cyber attacks pose as much of a threat.
The uptake of cyber security solutions is expected to surge with the passing of national and international legislation that highlights the need to protect oil and gas assets from cyber attacks as well as initiatives to raise awareness of these standards.
Katherine Evans, Frost & Sullivan Aerospace & Defense Research Analyst, commented: “Security system manufacturers will find more opportunities and earn higher profits from the upstream oil and gas segment than the midstream or downstream segments. Regardless of this, security system manufacturers must continue to provide solutions across all segments, with particular focus on surveillance and intrusion detection”.
Evans added: “With the implementation of the aforementioned measures, cyber security will emerge as the highest priority area for oil and gas companies. In preparation for this, market participants should try to integrate internet connection sharing and ICT systems so that a holistic view of the infrastructure can be obtained. This will enable end users to ascertain where the attack is coming from, and treat the cause rather than the systems”.
Adapted from a press release by Emma McAleavey.
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