The Israeli cybersecurity company NanoLock, which developed a cyber protection solution for smart meters, IoT and edge devices, announced a commercial partnership with the Italian IT company Atlantica and its subsidiary Atlantic Cybernext, to offer managed security service, based on NanoLock technology, to protect tens of millions of smart meters and connected devices for leading utilities and industrial companies in Italy and throughout Europe.
Operating primarily in Europe, Atlantica Digital is currently managing over 13 million smart meters, in addition to smart lighting and industrial devices. Atlantica Cybernext, the sister company of Atlantica Digital, has created a next generation Security Operations Center (SOC), which includes the NanoLock-enabled managed security service, to help protecting their business and infrastructure. The new service from Atlantica and NanoLock will be commercially available in Q2 2021, with a potential value of 8.000.000 euros of income by 2023.
The cyber risks of smart grids
Founded in 2016, NanoLock’s solution provides device level protection for IoT and industrial equipment, with minimal power, processing and memory footprint, and is therefore particularly suitable for IoT devices with limited processing resources and scant battery power such as smart meters in the gas, water and electricity industries. NanoLock is working with major utilities, industrial companies, and large ecosystem partners in Japan, Spain, Switzerland, Singapore, Netherlands, the U.S.¸ and Israel.
Driven by rising emissions¸ energy resource constraints and outdated infrastructure¸ the global smart meter market is growing in demand. But this trend also poses major risks. Smart meters can be manipulated by hackers, that by altering the device reading are frauduently lowering their electricity bill. Northeast Group estimated in a report dated a few years ago that the total losses arise from electricity theft amounts to about $ 96 billion globally a year. Smart meter can also be used as an access point for hackers into the grid itself and put the entire grid at risk.
Last month NanoLock has announced a strategic collaboration with Genus Power Infrastructures, the largest electricity infrastructure company in India and the leading smart meters manufacturer in the country. As part of the collaboration, Nanolock’s solution will be integrated into GPI’s smart meters and will provide protection against power fraud and cyber attacks on the grid.