NanoLock Security has announced a collaboration with Genus Power Infrastructures to develop a new cybersecurity solution that can protect smart metering infrastructure.
FREMONT, CA: NanoLock Security is the market leader of ironclad protection for smart metering infrastructure, IoT, and connected edge devices. The company has announced a collaboration with Genus Power Infrastructures, a worldwide provider and leader of full-spectrum smart energy metering solutions. The partnership will help them to develop a new cybersecurity solution that can protect smart metering infrastructure manufactured by Genus Power from cyberattacks, theft, and fraud. The solution will also offer a new managed security service for utilities and smart city customers that would decrease their operational expense, especially in remote rural areas, with the help of trusted Over-the-Air (OTA) updates, while safeguarding revenue which can often get lost due to theft and fraud.
Driven by increasing emissions, energy resource constraints, and outdated infrastructure, the demand for the smart meter market is growing worldwide. In fact, Genus Power connects more than 100,000 smart meters a month globally and operates over one million connected edge metering devices. Genus Power has already offered 1.5 million smart meters to India's Energy Efficiency Services Ltd. (EESL), which is a part of ESSLs 240 million smart meters deployment by 2023. This growth has also increased the cyberthreats that can develop crucial financial impact for the utility industry. Apart from attacks on the grid, a research report directed by Northeast Group shows that electricity theft and fraud totals $96 billion per year worldwide.
Genus Power has selected NanoLock's device-level protection and management solution so that they can protect their infrastructure from human errors and threats while launching the remote management and control to the latest and legacy devices in their smart meter portfolio. NanoLock provides advanced and patented device-level protection and management to Genus Powers smart meters and other devices. NanoLock can fulfill every security regulation for the energy industry and offers Genus Powers customers with a new and exceptional managed cybersecurity service that provides device monitoring, alerts, and version upgrades. It also offers secure and verified OTA updates to increase the cyber protection for utilities.
"The cooperation with NanoLock makes perfect sense for us. The new managed security service that we've jointly developed allows us to offer unprecedented security, operational cost savings, and eliminates potential fraud against our utilities and smart city customers," said Chandra Prakash, Vice President of Sales, Genus Power. "Because NanoLock can remarkably protect and manage new and legacy smart meters we see the potential for this service to be deployed in tens of millions of our devices."