Smart Buildings Cybersecurity Innovation and Growth Opportunities

Technology Strategy in Digitalization to Spur Adoption of Cybersecurity Solutions

The buildings that we live and work in are getting smarter and more connected. Driven by the demand to reduce energy consumption and make buildings self-sustainable and more comfortable, a wide range of new systems are entering the smart building ecosystem. A staggering number of new applications and services are enabled thanks to the Internet of Things (IoT). However, the smarter a building becomes, the more susceptible it is to cyberattacks. With increasing convergence between IT/operational technology (OT) networks, the opportunity for attackers to place malware, steal data, or hack into systems increases several manifolds.

As smart buildings become more integrated and interconnected, the need for robust cybersecurity solutions becomes paramount. It requires cybersecurity solutions to secure these devices, preventing unauthorized access and potential exploitation. Smart buildings often house critical infrastructure, including energy management systems, HVAC, and security systems. Protecting these critical components from cyberthreats is a driving force behind the demand for cybersecurity solutions tailored to the unique challenges of smart building environments. Because sectors like energy, defense, airports, healthcare, and government are all critical infrastructures essential for the functioning of society and the economy, they need to be well protected. Cybersecurity plays a crucial role in protecting individuals, organizations, and nations from the various cyberthreats that exist in today's digitally driven world. It is an ongoing and evolving challenge that requires continuous efforts, education, and investment to stay ahead of emerging threats.

This study provides an overview of the current state of cybersecurity in the smart buildings industry. It identifies and explores the potential risks and current practices, and derives meaningful conclusions about the state of cybersecurity adoption in the smart building industry.