Mircosemi, Veracity collaboration to strengthen industrial network security
Hardware- and software-base security solutions to protect critical industrial, automotive, and Internet of Things (IoT) network infrastructure.
ALISO VIEJO, Calif. – Microsemi Corporation recently announced a collaboration with Veracity Security Intelligence to develop secure networking solutions for industrial Ethernet deployments. The resulting products will enable industrial network security through a simple software installation on managed industrial switches. The solution will be available in the second half of 2016.
Industrial network security is typically done in isolation or by implementing a firewall between the corporate and industrial network. Using Veracity's software on Microsemi’s switch platform, customers can add security applications and policies to the core of existing networks, without making changes to the network topology or incurring network downtime. Target applications for the collaborative security solutions include industrial automation, process control, and smart grid/smart energy.
“Security needs within the IoT market are growing significantly, with Gartner currently forecasting the demand for connected things to reach 11.4 billion devices in 2018, and we believe hardware-based security for IoT is a key differentiator – particularly in industrial and automotive applications,” said Steve Litchfield, executive vice president and chief strategy officer for Microsemi.
Security and the threat of cyberattacks are emerging as key concerns for industrial companies. Potential losses of more than $1 trillion resulting from a possible cyberattack on the U.S. power grid have been estimated by a Cambridge University study in partnership with Lloyds. In order to combat these increasingly sophisticated attacks, industrial network owners will spend more than $9 billion in 2016 and more than $11.3 billion by 2019, according to market research firm ARC Advisory Group.
“Security is top of mind for industrial companies, including utilities, in the wake of cyberattacks like we recently saw in the Ukraine, where a coordinated exploit on the electric grid plunged more than 230,000 homes and businesses into the dark,” said Paul Myer, CEO of Veracity. “We are pleased to share our expertise in network security software with an industry leader like Microsemi, which is bringing next generation security features to the market with its latest integrated circuits and reference designs.”