The power sector is on the frontlines of a global cybersecurity battlefield, says Holger Betz, Cybersecurity Solution Architect at Siemens Energy.
While many power systems still rely on outdated technology that wasn’t designed with modern cybersecurity threats in mind, new security challenges are cropping up with integrating information technology (IT) and operational technology (OT) systems.
Betz highlights that the global power industry is acutely aware of the vulnerabilities and serious risks posed by cyberattacks. Threats can lead to major repercussions, from service disruptions to cascading failures. Cybercrime costs have skyrocketed. According to Cybersecurity Ventures, in 2024, global cybercrime costs—including data damage, operational disruptions, investigations, legal expenses, and regulatory fines—reached an astounding $9.5 trillion.
“If it were measured as a country, then cybercrime would be the world’s third-largest economy after the U.S. and China,” said Steve Morgan, editor-in-chief at Cybercrime Magazine.