A recent power outage in New York City plunged over 72,000 residents into sudden darkness, creating havoc and pandemonium. The causes of the outage were likely not related to a cyber attack, however the incident confirmed the dire consequences were such a large-scale attack to take place.
The likely target of such an attack is industrial sensors and IoT devices. Princeton researchers proved how by taking control of these relatively simple devices, an entire city’s electrical grid can be taken down.
According to the World Economic Forum, the utility and energy sector ranks #2 in terms of predicted losses per company from cybercrime, costing an estimated $17.2 million per company per year.
Meanwhile, the demand for IoT technology in the energy sector is soaring as the benefits of smart grids become increasingly compelling. Spending on IoT in the sector is set to reach $1.2 trillion by 2020. Which, as the WEF points out, is more than half of what the world is forecast to spend on defense and more than double the spend on digital advertising. This sector ranks 4th overall among industries spending the most on IoT technology. What’s worrying however, is that without adequately securing these new technologies, the potential for a massive, crippling IoT-focused cyber attack is increasing exponentially.
IXDen is used in the Energy sector to secure the most mission-critical industrial sensors and IoT devices against attack, across generation, transmission and metering.
By ensuring the integrity of the data that each device is providing, IXDen is able to protect the entire ecosystem, keeping smart cities safer and allowing Energy companies to focus on providing the power to tomorrow’s big ideas.