The smart grid technology intelligence firm forecasts network security and incident response market to generate $59 billion in revenue by 2021.
Moreover, automation is expected to play a key role in improving cybersecurity applications under efforts to reduce the impact and proliferation of modern cyber threats.
In a press statement, ABI Research says automation will improve the operations of IT security applications by adding “critical IT security functions that range from assisting security personnel to streamlining security alerts to system optimisation.”
Big data, business intelligence and data analytics platforms are expected to generate $54 billion in revenue by 2021 and will complement increases in automation of cybersecurity applications.
Dimitrios Pavlakis, Industry Analyst at ABI Research, said: "While it will most likely be a valuable addition to IT teams' arsenals, automation can be a double-edged sword if not handled properly.
"We expect automated processes to first address key issues like TLS/SSL, or Transport Layer Security/Secure Socket Layer, certification and privilege management prior to tackling critical functions like incident response."
Meanwhile, a team of researchers from Concordia University in Canada are establishing new ways of protecting Quebec’s high-tech power grid system from cyber attacks.
The development follows the university securing a $2.1 million grant in the last quarter of 2016 to research and develop new cybersecurity applications.
Commenting on the cybersecurity research initiative, Mourad Debbabi, chair of Concordia University's information security systems research team, said: “This is of paramount importance.
“There are vulnerabilities and threats that can lead to major consequences.”
Debbabi is leading a team of some 25 researchers, working along industry co-sponsors Hydro-Québec and Thales, to lead the charge in what is still an emerging area of cybersecurity.
Their goal is to make the smart grids of the province’s power supplier more secure, Debbabi said. Read more...
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