New Delhi, Jul 18 (IANS): US-based consumer technology company Honeywell on Tuesday announced to acquire SCADAfence, a leading provider of operational technology (OT) and Internet of Things (IoT) cybersecurity solutions for monitoring large-scale networks.
The SCADAfence product portfolio will integrate into the Honeywell Forge Cybersecurity+ suite within Honeywell Connected Enterprise, Honeywell's fast-growing software arm with a strategic focus on digitalisation, sustainability and OT cybersecurity SaaS offerings and solutions, according to the company.
"Adding SCADAfence's product portfolio will strengthen our capabilities and help our customers defend themselves against cyber security risks which are progressively increasing," Kevin Dehoff, president and CEO, Honeywell Connected Enterprise, said in a statement.
Moreover, the company said that this integration will enable Honeywell to provide an end-to-end enterprise OT cybersecurity solution to site managers, operations management and CISOs seeking enterprise security management and situational awareness.
"By enhancing our cybersecurity portfolio, we are accessing a growth engine and enabling our customers to operate their OT environments more securely and help to avoid disruption and possible catastrophic events," Dehoff said.
It also mentioned that the OT cybersecurity industry is expected to grow to greater than $10 billion in the next several years.
Cyberattacks on OT systems, particularly in the industrial sector, can be a significant source of unplanned downtime, with estimates that unplanned downtime costs the industrial and critical infrastructure sectors more than a trillion dollars in lost revenue.
"With this acquisition, we are poised to deliver some of the most advanced OT security technology to Honeywell's broad customer base, bolstering the comprehensive Honeywell Forge Cybersecurity+ offering. We remain committed to proactively serving and supporting our customers across all verticals and geographies where we currently operate," Elad Ben Meir, chief executive officer, SCADAfence, said in a statement.
SCADAfence is headquartered in Tel Aviv and will expand Honeywell's Cybersecurity Center of Excellence in the Israeli capita;.
The transaction is expected to close in the second half of 2023.