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Smart city cybersecurity woefully underfunded and vulnerable to attack

August 20, 2019 / Smart Cities World

Cybersecurity investments in smart cities are “severely lagging” and are “seeding the future vulnerabilities of the IoT ecosystem,” according to new analysis from ABI Research. ABI finds that the financial; information and communication technologies (ICT); and defence industries will account for 56 per cent of the $135 billion projected total cybersecurity spend related to critical infrastructure in 2024. The remaining 44 per cent of the 2024 spend will be split between the energy, healthcare, public security, transport and water & waste sectors. This leaves the latter sectors “woefully underfunded and incredibly vulnerable to cyberattacks,” the research warns. Dimitrios Pavlakis, Industry Analyst at ABI Research, said: “Smart cities are increasingly under attack by a variety of threats. These include sophisticated cyberattacks on critical infrastructure, bringing industrial control systems (ICS) to a grinding halt; abusing low-power wide-a...