Utility Companies to Invest Billions on Cybersecurity

Within the next five years, utility companies will likely invest $21 billion on cybersecurity to protect electrical grids, according to a new report by Pike Research.

Much of the increased spending (investment will triple between 2010-2015) will be driven by configuration management and equipment protection.

As the United Stats and other nations look to increasing cybersecurity, the critical infrastructure is increasingly entering the picture. The United States particularly is looking to develop effective smart-grid technology. However, some security professionals are concerned the smart grid would be increasingly vulnerable to cyber attack, possibly wiping out power to much of the nation.

In its report, Pike Research forecasts spending on smart-grid cybersecurity to increase from $1.2 billion to $3.7 billion in 2015. The increased spending is driven in part by government initiatives. The Department of Energy has several smart-grid stimulus programs, the National Institute of Standards and Technology has developed standards initiatives for smart grid companies and the Federal Regulatory Commission is also promoting a variety of objectives.

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