CHARLOTTE – Honeywell is buying Israel-based SCADAfence in a move it says bolsters offerings against cybersecurity threats that target operational technology and Internet of Things.
“It is essential to protect and maintain the integrity of operational systems like process control equipment in manufacturing facilities. A simple breach in the OT environment has the potential to create safety and business continuity risk for organizations of all sizes,” said Kevin Dehoff, president and chief executive officer of Honeywell Connected Enterprise, in the deal announcement made Monday.
“OT assets are inherently different than those in the IT environment as they are domain specific. Honeywell has been delivering and installing these systems for decades, which is why we launched our cybersecurity business more than twenty years ago,” Dehoff noted. “Adding SCADAfence’s product portfolio will strengthen our capabilities and help our customers defend themselves against cyber security risks which are progressively increasing.”
Financial terms of the deal weren’t disclosed.
Citing recent research, Honeywell said “OT cybersecurity industry is expected to grow to greater than $10 billion in the next several years. Particularly in the industrial sector, cyberattacks focused on OT systems can be a significant source of unplanned downtime, with estimates that unplanned downtime represents over a trillion dollars in lost revenue for the industrial and critical infrastructure sectors.”
SCADAfence products will become part of Honeywell Forge Cybersecurity+.
The deal is expected to close later this year.
