Cybersecurity Software in Energy and Utilities
The energy and utilities industry vertical are inclusive of producers and sellers of energy such as fuel extractors, manufacturers, refining and distribution companies, as well as the power generating and selling companies. The rapid adoption of innovative technologies in the energy and utilities industry vertical is speedily decreasing costs and becoming ubiquitous enabling more flexible and efficient consumption of electricity improving the visibility of the network use and enhancing the control of the power systems. These technologies are being deployed by this industry vertical aiming to improve power systems, increase the use of variable renewable energy sources such as wind and solar energy minimize the pollution as a part of the global climate change mitigation efforts and enhance interconnectedness of electricity grids and other critical infrastructure such as natural gas networks. Various regulatory compliances such as Federal Energy Regulatory Commission (FERC), Electric Reliability Organizations (ERO), North American Electric Reliability Corporation (NERC), and other regulate the security of the energy and utilities industry vertical. Cybersecurity solutions help the energy and utilities industry vertical to enhance operational efficiency and mitigate potential cyber threats. This industry vertical has deployed internet-based applications and services and integrated IoT technologies in its business. This digitalization has led to the generation of huge consumer sensitive data. Furthermore, it is becoming a big challenge for the energy and utilities organizations to prevent their data from network vulnerabilities. Hence these organizations are expected to adopt cybersecurity solutions and services to keep their information safe and secure.
COMPETITIVE LEADERSHIP MAPPING TERMINOLOGY
7 companies offering Cybersecurity Software in Energy and Utilities were analyzed, shortlisted and categorized on a quadrant under Visionary Leaders, Innovators, Dynamic Differentiators, and Emerging Companies.
IBM, Cisco, HPE, McAfee and Trend Mirco have been identified as visionary leaders as they have established product portfolios and a robust market presence and business strategy.
Check Point Software and Logrhythm have been identified as innovators as these vendors have a very focused product portfolio. However, they do not have very strong growth strategies for their overall business.
Vendor evaluations are based on two broad categories: product offering and business strategy. Each category carries various criteria, based on which vendors have been evaluated. The evaluation criteria considered under product offerings include breadth of offering, delivery, features/functionality, product quality and reliability, and product differentiation. The evaluation criteria considered under business strategy include geographic footprint (on the basis of geographic presence), channel strategy and fit, vision alignment, and effectiveness of growth (on the basis of innovations, partnerships, collaborations, and acquisitions).
Visionary Leaders generally receive high scores for most evaluation criteria. They provide mature and reputable mobile cybersecurity solutions. They also have strong business strategies. IBM, Cisco, HPE, McAfee and Trend Mirco are the leading players in the cybersecurity software market and are recognized as leaders. These vendors are making their presence felt by offering services that are required by most organizations.
Innovators demonstrate substantial product innovation as compared to their competitors. They have a very focused portfolio of cybersecurity software solutions and the potential to build strong business strategies for their business growth to be at par with the leaders. However, they do not have very strong growth strategies for their overall business. Check Point Software, and Logrhythm are recognized as innovators. Innovators have been at the forefront in deploying their services based on the clients’ custom software requirements for the niche market.
Dynamic Differentiators are established vendors with very strong business strategies. However, they are low in the product portfolio. They generally focus on a specific type of technology related to the product.
EMERGING COMPANIESEmerging Companies are specialized in offering highly niche and tailor-made solutions and services to their clients. They do not have very strong business strategies as compared to other established vendors. They might be new entrants in the market and require some more time before gaining significant market traction.
IBM offers category-wise products which include endpoint protection, network protection, mainframe security, application security, data security, security intelligence and operations, advanced fraud detection, cloud, and mobile security and IAM. IBM Identity and access management services help in protecting an organization from breaches, enhances productivity and competitiveness, and achieves and maintains regulatory compliance. It helps in increasing the maturity of the program with identity and access management services from IBM Security. IBM solutions help in detecting and stopping advanced threats. It automates threat detection and response across the enterprise.
HPE security protects digital assets with reassurance from the HPE risk management and digital protection service. HPE offers a different product such as security management, threat, and vulnerability defense. Security Information and Event Management (SIEM), security monitoring, data encryption, and key management, and data protection products included in the security management category. HPE security services provide comprehensive, redundant protection that guides servers and data from threats that exist and threats for the future. Its security risk management workshops, assessments, architecture, design and integration services accelerate digital transformation. HPE addresses vulnerabilities in applications and connection and builds security and compliance into the business.
Logrhythm has developed a platform to seamlessly scale with organization and help detect and respond to threats faster. The LogRhythm NextGen SIEM Platform eliminates blind spots across the enterprise, providing visibility into IT and OT environments. Logrhythm Next-generation solutions plots modern security teams need by improving collaboration and effectiveness through automation and defined processes. The company provides a unified user experience that drives highly efficient workflows, offers real-time visibility into endpoints, and produces assessable results. Logrhythm end-to-end platform helps in detecting threats early in the threat lifecycle.