Smart cities growth often neglecting cyber security defense spending
A lack of critical infrastructure cyber security investments in smart cities will lead to future Internet of Things vulnerabilities, according to a new report from ABI Research.
Urban population is rising worldwide and smart city development projects are harnessing the power of the IoT to develop more intelligent, efficient and sustainable solutions, the report said. But data security spending in smart cities is “severely lagging,” it said.
The financial, information and communication technologies, and defense industries will account for 56 percent of the $135 billion projected total cyber security spending in critical infrastructure in 2024, ABI Research said. The remaining 44 percent will be split between the energy, healthcare, public security, transportation, and water and waste sectors, “leaving them woefully underfunded and incredibly vulnerable to cyber attacks,” it said.
“Smart cities are increasingly under attack by a variety of threats,” said Dimitrios Pavlakis, industry analyst at ABI Research. “These include sophisticated cyber attacks on critical infrastructure, bringing industrial control systems to a grinding halt” and leading to other negative affects, he said.
ABI Research projects there will be about 1.3 billion wide-area network smart city connections by 2024.