Smart grid cybersecurity spending set to rise

As utilities roll out smart grids, they will significantly increase their spending on cybersecurity through 2015, according to Pike Research.

Smart grids hold a lot of promise to manage power more efficiently and increased communications between the electric grid and the customer at the end of the line. The rub: These interconnected grids can be more vulnerable to attacks from terrorists and hackers. According to Pike Research, no government, utility or infrastructure vendor wants to be viewed as the weak link in the smart grid chain. As a result of those fears, vendors specializing in smart grid cybersecurity revenue will see revenue jump from $1.2 billion in 2009 to $3.7 billion by 2015. Between 2010 to 2015, Pike Research estimates that $21 billion will be spent on global smart grid cybersecurity deployments. Although it's nice that there's an increased focus on smart grid security there are still hurdles.