An independent assurance and risk management provider, DNV, acquired one of the leading industrial cyber security specialists, Applied Risk, to help defend critical energy infrastructure and other sectors from the ever-increasing cyber threats.
The two giant companies will create and develop a real-world cybersecurity powerhouse to help safeguard renewable, gas sectors, and power grids as the world experiences the highest number of cyber security attacks on critical infrastructure.
The partnership between the two will play a pivotal role in building the world's largest cybersecurity practice to protect the most critical infrastructure in the entire energy sector for rapidly advancing.
With cyber threats falling among the topmost risks many companies face today, critical energy infrastructure is increasingly becoming a target of more complex and creative cyber attacks that could cause massive damage.
According to Hiscox, an insurance firm, the energy sector has become one of the most attacked sectors with hundreds of millions of dollars spent for recovery. Even so, the sector also faces pressure to comply with tougher regulations.
The energy industry also faces increased pressure to ramp up its security following previous high-profile cyberattacks on critical energy infrastructure such as the Colonial Pipeline attack in April 2021, the attack on Ukraine's power grid substations in 2015, and others disrupting fuel and power supply.
According to Gartner, cybercriminals will go beyond carrying attacks for ransom and greatly weaponize the industrial control systems to cause harm to humans.
"Energy assets, equipment, and components are now at higher risk of new forms of cyber-attacks, as their control systems become increasingly connected. Life, property, and the environment are at stake.
"DNV is investing significantly in helping our customers build a powerful force of defence. By joining forces with Applied Risk, we aim to build an industrial cyber security powerhouse to support governments, regulators, operators, and their supply chains in managing these emerging risks," said Remi Eriksen, Group President and CEO DNV.
A Joint Force for Defence of Critical Infrastructure In Energy Sector
Applied Risk's team of experts will work with DNV's cyber security specialists known for working with corporations, industrial operators, and governments to secure their operations and systems.
Being among the leading global companies, DNV provides real-world cyber security solutions to some of the most complex infrastructures, helping customers to identify any cyber risk, build a powerful line of defence against such threats, recover from a cyberattack, and win a solid trust and support from relevant stakeholders.
"DNV and Applied Risk share a common vision of safeguarding critical industrial assets from the growing volume and complexity of cyber-attacks. This partnership brings together two highly respected organizations in industrial assurance and cyber security solutions," said Jalal Bouhdada, CEO, Applied Risk.
"We will combine the strengths of Applied Risk and DNV with significant investments in security research and innovation to build and grow a cutting-edge industrial cyber security business that helps our customers outpace new threats posed by cybercriminals."
DNV and Applied Risk will cooperate and work together under the DNV brand, with a combined leadership team from both sides tasked with upscaling up the joint cybersecurity business with the aim of exponential growth by 2025.
"Bringing together Applied Risk and DNV's impressive teams of industrial cyber security experts is the first step in our plan to build a cyber security powerhouse through acquisitions and partnerships with top-tier cyber security firms around the world," said Liv A. Hovem, CEO of DNV's Accelerator.
"We will also welcome more talent into the business as we grow, offering the opportunity to work on some of the world's most advanced and complex cyber security projects alongside DNV's global team of nearly 12,000 industrial domain experts," Hovem added.