Dive Summary:

• A new study by Pike Research indicates that smart grid industrial control systems (ICS) is still viewed as too expensive by many utilities and meaningful cybersecurity regulations may be delayed.
• The research does say that the utility industry as a whole is better informed of cyber risks to grids and substations, likely meaning that more security deployments are on the way in the next two years; the report says the market will reach $369 million in 2012 and grow to $608 million by 2020.
• While many general-purpose security vendors haven't experienced the growth they had expected, vendors specializing in control systems security are receiving more requests for cybersecurity deployment, says Pike.

From the article:

Vendor approaches to the market also vary: Some strategically propose a full cybersecurity solution for an entire control network, while others take a more tactical approach and propose only solving specific problems. Whether taking a strategic or a tactical approach, Pike Research says vendors must orient their discussions with utilities around solving operational and business problems, not technical concepts. ...