Driven by rising emissions, energy resource constraints and outdated infrastructure, the global smart meter market is growing in demand. In fact, Genus Power installs more than 100,000 smart meters a month worldwide and operates over one million connected edge metering devices. Genus Power has already provided 1.5 million smart meters to India's Energy Efficiency Services Ltd. (EESL) as part of ESSL's 240 million smart meters deployment by 2023. However, with this growth comes increased cyberthreats that could create major financial impact for the utilities industry. Beyond attacks on the grid, a research report conducted by Northeast Group, states that electricity theft and fraud totals $96 billion per year globally.
Genus Power has chosen NanoLock's device level protection and management solution to protect their infrastructure from human errors and threats, while introducing remote management and control to new and legacy devices in their smart meter portfolio. NanoLock brings innovative and patented device-level protection and management to Genus Power's smart meters and other devices. NanoLock fulfills all security regulations for the energy industry, and provides Genus Power's customers with a new and unique managed cybersecurity service that offers device monitoring, alerts, and version upgrades, and enables secure and verified OTA updates to provide increased cyber protection for utilities. This powerful protection provided by NanoLock's solution can scale to support millions of devices to prevent cyberattacks of connected devices and secure revenue for utilities that can be lost due to theft.
"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."
"The smart meter market is booming, but so too are the potential cyberthreats. Utilities and smart city solutions providers are confronting new attacks all the time and any connected device could be the entry point for attackers. This collaboration with Genus Power brings a novel and viable protection to critical infrastructure providers for smart meters and other connected devices at the edge, reducing operational cost, especially for remote and rural areas," said Eran Fine, CEO of NanoLock. "Together we're giving utilities and smart cities a tool that will allow them to securely manage, update and protect their systems, while preventing theft and fraud, which is creating a major loss in revenue for these companies."
The new service from Genus and NanoLock will be commercially available for products globally in Q1 2021.
Source: NanoLock Security