Critical infrastructure organizations and manufacturers are becoming increasingly concerned about cyber attacks and are looking for ways to implement more effective operational technology (OT) security strategies.
This is according to a recent survey of 200 C-level executives and directors from Canada and the US, which showed that 58% of organizations have categorized their OT cybersecurity risk level as either high or critical.
Conducted by cyber and digital risk management solutions provider OTORIO and digital workflow company ServiceNow, the survey further revealed that only 47% of companies have an OT cybersecurity solution in place and 81% are still managing their OT risks manually.
Furthermore, 49.7% of respondents said that they have established a team to develop an OT security strategy, although the strategy itself has not yet been created.
“The findings identify critical gaps in OT security strategies and underscore the need for a comprehensive, integrated, and automated approach to risk management,” said Karan Shrivastava, ServiceNow’s director of product management, OT. “As a leading digital workflow company, we are proud to offer a solution that enables our customers to easily identify and prioritize risks and improve their overall security posture.”
The survey also highlighted that critical infrastructure organizations and manufacturers are not equipped to meet stringent new regulations.
According to its findings, 93% of respondents experienced a moderate or high increase in regulations and standards that affected them in the past 12 months. As a result, 78% of stakeholders said they intend to boost their OT cybersecurity budget, with an average increase of 29%.
“These survey results are concerning, because they clearly show that many organizations have significant gaps in their security strategies that put them at high risk of OT cyber attack,” said Daniel Bren, CEO and co-founder at OTORIO. “However, they also suggest that companies are moving towards a proactive approach to cybersecurity, prioritizing the protection of their assets and enhancing their security posture. Our industrial-native OT security platform, in combination with ServiceNow, offers a comprehensive solution to help organizations address today’s most complex regulatory and cybersecurity challenges.”
The findings of OTORIO and ServiceNow’s survey follow the publication of OpenText’s annual cybersecurity threat report that emphasized the importance of a multilayered security approach for businesses of all sizes as cyber threat actors continue to “double down on longstanding tactics while demonstrating innovation with new techniques.”
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