· SCADAfence will integrate into the Honeywell Forge Cybersecurity+ suite providing expanded asset discovery, threat detection, and compliance management capabilities.
· SCADAfence extends Honeywell’s OT cybersecurity portfolio to build upon its comprehensive professional services, managed security services, and software solutions.
Mumbai, NFAPost: Honeywell announced it has agreed to acquire SCADAfence, a leading provider of operational technology (OT) and Internet of Things (IoT) cybersecurity solutions for monitoring large-scale networks. SCADAfence brings proven capabilities in asset discovery, threat detection and security governance which are key to industrial and buildings management cybersecurity programs.
The 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.[1]
Honeywell Connected Enterprise President and Chief Executive Officer Kevin Dehoff said 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. 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,” said Honeywell Connected Enterprise President and Chief Executive Officer Kevin Dehoff.
Honeywell Connected Enterprise President and Chief Executive Officer Kevin Dehoff also said adding SCADAfence’s product portfolio will strengthen Honeywell capabilities and help customers defend themselves against cyber security risks which are progressively increasing.
The SCADAfence product portfolio will integrate into the Honeywell Forge Cybersecurity+ suite within Honeywell Connected Enterprise, Honeywell’s fast-growing software arm with strategic focus on digitalization, sustainability and OT cybersecurity SaaS offerings and solutions.
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. The acquisition strengthens existing capabilities in cybersecurity and bolsters Honeywell’s high-growth OT cybersecurity portfolio, helping customers operate more securely, reliably and efficiently.
Honeywell Connected Enterprise President and Chief Executive Officer Kevin Dehoff said SCADAfence is an ideal complement to Honeywell’s OT cybersecurity portfolio and, when combined with the Honeywell Forge Cybersecurity+ suite, it enables us to provide an end-to-end solution with applicability to asset, site and enterprise across key Honeywell sectors.
“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,” said Honeywell Connected Enterprise President and Chief Executive Officer Kevin Dehoff.
SCADAfence chief Executive Officer Elad Ben Meir said the company is thrilled to join Honeywell as they work towards fulfilling its mission of empowering industrial organizations to operate securely, reliably and efficiently.
“This combination creates significant opportunity for growth, allowing us to combine our top-tier OT cybersecurity products with one of the world’s leading companies in industrial software. 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,” said SCADAfence chief Executive Officer Elad Ben Meir.
SCADAfence is headquartered in Tel Aviv, Israel and will expand Honeywell’s Cybersecurity Center of Excellence in Tel Aviv. Honeywell has been implementing OT cybersecurity solutions for more than twenty years, delivering thousands of projects in over 130 countries with more than 500 employees worldwide focused specifically on OT cybersecurity.
The transaction is expected to close in the second half of 2023, subject to customary closing conditions, including receipt of certain regulatory approvals.
