Page 81 - Cyber Defense eMagazine April 2023

Collaboration is Key to Building Industrial

Cyber Resilience

By Filipe Beato, Cyber Resilience Lead at the World Economic Forum`s Centre for
Cybersecurity and Natasa Perucica, Research and Analysis Specialist at the World
Economic Forum`s Centre for Cybersecurity

Industries are in the midst of a digital transformation where infrastructure and systems are being
connected to the internet and emerging technologies, such as artificial intelligence and internet of things
(IoT), are being embraced to optimize performance and improve day-to-day industrial operations. The
number of technologies finding their way into industrial operational environments and the new categories
of connected objects is both impressive and bewildering. To illustrate, forecasts suggest that the number
of industrial internet of things (IIoT) connections will reach 36.8 billion in 2025, an increase of 107% from
2020.

While digital technologies and connectivity unlock new business growth and efficiency opportunities in
industrial environments, they also contribute to the expansion of the cybersecurity threat landscape,
presenting risks that can lead to financial, reputational, legal and even physical and environmental
damage.

In the face of proliferating cyber threats, it is no surprise that the value of the global industrial
cybersecurity market is expected to grow to $29.41 billion in 2027, at a 8.2% compound annual growth
rate in the period 2019-2027.

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