Results of a new survey show an increasing concern for ensuring safe and resilient operations while organizations work to implement more effective operational technology (OT) security strategies.
The survey, conducted by OTORIO and ServiceNow, sought the views of 200 C-level executives and directors in the US and Canada to identify key OT cyber security challenges and priorities. The research uncovered growing industry concern about cyber threats, with 58 percent of organizations identifying their OT cyber security risk level as high or critical.
However, only 47 percent of companies surveyed have an OT cyber security solution in place, and 81 percent of respondents still manage OT risks manually in an age when risk management automation is increasingly crucial for efficiency and security. Furthermore, 49.7 percent of respondents have established a team to develop an OT security strategy but have not yet created the strategy.
The survey also shows that critical infrastructure organizations and manufacturers are not equipped to meet stringent new regulations - and they know it. 93 percent of respondents experienced a moderate or high increase in regulations and standards that affect them in the past 12 months. As a result, 78 percent of stakeholders intend to boost their OT cyber security budget, with an average increase of 29 percent.
“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 & Co-Founder at OTORIO. “However, they also suggest that companies are moving towards a proactive approach to cyber security, prioritizing the protection of their assets and enhancing their security posture.”