The smart grid is an integration of conventional grid with advanced IT technology, which enables users to efficiently monitor and have greater control over various segments of the network. Combining a conventional grid with advanced machine and communication technologies enhances service and security through data exchange, and active assistance of end-users. Advancements in IT, and implementation of such technologies increase power distribution, and production control in the overall process.
The increase in demand for energy, and current advancements in technologies of power grids are two primary factors expected to drive growth of the global smart grid security market. Governments in various developed and developing countries are preferring grid operators to employ latest technologies to meet increasing demand for power. Smart grids are a combination of IT with conventional grid, and gives greater control over the operations which further improves reliability.
Adoption of cloud-based technology is also expected to further fuel growth of the global market in coming years. Cloud-based smart grid products offer organizations various features to decrease operational costs, and to incorporate their resources. However, cloud-based applications operate on Web, which makes smart grid applications more exposed to cyber-attacks. This may hamper growth of the global market.
The global smart grid security market report has been segmented on the basis of component, security type, application, and region. On the basis of region, the global smart grid security market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Email fraud is nothing new, but online criminals have become ever more-effective at spoofing their identities to trick employees into sending them money. The Australian Centre for Cyber Security (ACSC) recorded losses of over $20M to business email compromise (BEC) attacks last year alone, up 230 percent over the previous year – and the full amount is certain to be much larger.
Cybersecurity Insights - Attack
No matter how robust your security, or how diligent your employees, network credentials are a free pass for cybercriminals. This is mostly because employees are relied upon for their own password management. And with more than 4.8 billion sets of stolen credentials said to be available online, odds are that at least a few of your employees’ user IDs and passwords are just waiting to be used by unscrupulous outsiders. Are you ready to stop them?
Cybersecurity Insights - People
Cyber resilience will be particularly important as Australian organisations face increased pressure to quickly detect, respond to, and manage the repercussions of breaches in the wake of 2018’s Notifiable Data Breaches (NDB) scheme.