OT companies invest the majority of their cybersecurity budget on IT networks.
Highly destructive operational technology cyber-attacks around the world could have a financial toll of almost $330 billion yearly, and result in business interruption costs of over $172 billion.
Analysis from Dragos and Marsh McLennan found that annual global risks with business interruption claims averaged $12.7 billion, while global aggregated risk over the next year averaged at $31 billion.
However, mounting OT cybersecurity costs were noted to be most effectively addressed with an extensive incident response plan, defensible architecture, and continuous network monitoring, according to the report, which is based on a decade's worth of insurance claims information.
"We see OT companies investing the majority of their cybersecurity budget on IT networks. The potential impact of business interruption (whether direct through adversary action or indirect to an abundance of caution) is often underestimated," said Dragos’ Mark Stacey.
Written by
Dan Raywood is a B2B journalist with 25 years of experience, including covering cybersecurity for the past 17 years. He has extensively covered topics from Advanced Persistent Threats and nation-state hackers to major data breaches and regulatory changes.
He has spoken at events including 44CON, Infosecurity Europe, RANT Forum, BSides Scotland, Steelcon and the National Cyber Security Show, and served as editor of SC Media UK, Infosecurity Magazine and IT Security Guru. He was also an analyst with 451 Research and a product marketing lead at Tenable.
