Study: OT Cybersecurity Budgets to Increase This Year

Summary

June 5,.2023 - OTORIO, the leading provider of cybersecurity and digital risk management solutions for operational technology (OT), recently presented the results of its current study in cooperation with ServiceNow. The study, titled "Understanding the State of Industrial OT Cyber Security: Insights from the C-Suite," examined the current state of cybersecurity in industrial OT environments. Among other things, the study shows how companies want to ensure compliance and plan their budget for OT security.
 
OT environments are no longer isolated from the outside world, but are increasingly connected to the Internet and therefore more vulnerable to attacks. Digitalization creates new challenges, but also points the way for a new preventive and active risk management strategy. The study by OTORIO and ServiceNow shows that ensuring safe and resilient operations is becoming increasingly important, but companies are still looking for the best ways to implement effective strategies. There are many indications that the current decisions will be crucial for operational security and critical infrastructure.

Compliance remains an important issue

One of the topics that companies often have to deal with at the moment is compliance. 93% of survey respondents noted that there has been a sharp to moderate increase in the number of regulations and standards their company has had to comply with in the last twelve months. Compliance with increasing regulations is complex and time-consuming, and failure to comply can result in costly fines. By automating OT security and compliance, organizations can save time and allow employees to focus on more important tasks.
 
The vast majority (85%) of organizations actively and automatically track compliance with industry regulations and standards: 31% conduct continuous monitoring of compliance and 54% conduct assessments as needed or at regular intervals.
 
This is a positive development, as it suggests that companies are taking compliance seriously and are aware of the potential consequences of non-compliance. However, 54% of companies that conduct intermittent assessments (i.e., reactive rather than proactive) are at risk of falling out of compliance at times, which could leave them vulnerable to fines, legal action, and other penalties.

OT security budgets will increase this year

78% of companies surveyed plan to increase their OT security budget in 2023, 20% plan to reduce it, and 2% will not change the budget. Companies are in the midst of a global economic crisis, where investment funds are drying up and departmental budgets are being cut across the board. It's clear that OT security is a major concern for critical infrastructure and manufacturers when more than three-quarters of them are increasing their spending in this environment. The 20% who plan to cut are exposed to further attacks and business interruptions due to a lack of resources.
 
Companies that plan to increase their OT security budget will increase it by an average of 29%. This is a significant increase, suggesting that they are seriously concerned about protecting the OT environment from malware infections, DDoS attacks, and other common threats.

Methodology

OTORIO and ServiceNow commissioned a survey of 190 senior IT executives. The aim was to gain greater insight into the key challenges and priorities of the OT cybersecurity industry and to learn more about the companies' budget and strategic plans. The survey was conducted online by Global Surveyz Research. Respondents came from companies with more than 5,000 employees and worked in IT, risk, security, operations, and OT. The range of industries included energy, utilities, manufacturing, oil and gas, pulp and paper, pharmaceuticals, chemicals, critical infrastructure, automotive, smart logistics, transportation, and mining, among others. The survey was also aimed at companies that use intrusion detection systems (IDS) or that are considering adding OT security solutions to their security environment.

About OTORIO

OTORIO delivers proactive, orchestrated, and industrial-native OT cybersecurity solutions. OTORIO combines innovative technology, in-depth research and proven know-how in the field of OT cybersecurity.