ICsec picks up PLN2m funding from EEC Magenta to further develop Polish industrial cybersecurity system

eecventures.com

IC Sec develops advanced Intrusion Detection System (IDS) for industrial networks addressing the problem of cyberattacks on critical energy, utility and manufacturing infrastructure. SCADVANCE XP is a comprehensive cybersecurity solution consisting of probes and monitoring software created in cooperation with recognized national scientific institutions and data centers. It allows to detect anomalies and cyber threats in industrial automation networks before they cause irreparable damage.

– Operational Technology networks (OT) consist of thousands of devices that communicate with each other using Internet of Things (IoT). Often, these are part of critical infrastructure, such as power plants, telecommunication or critical manufacturing, playing vital role to the national security and the economy as a whole. OT networks are vulnerable to cyberattacks and we are offering a solution to that problem  – Robert Juszczyk, CEO of ICsec S.A. explained.

The software developed by the Polish start-up is dedicated especially to the critical manufacturing plants, power plants and energy distributors as well as for gas & oil and chemical companies. In contrast to its competitors, ICSsec offers distinct fully passive hardware solution, the X1 probe, adding additional layers of security.

– Thanks to the hardware element we can serve and secure both the most technologically advanced factories and the older types of SCADA OT networks (like RS, CAN, Ethernet). We also allow companies to meet legislator requirements concerning cybersecurity in Poland and other EU countries – said Robert Juszczyk.

The cybersecurity market is worth more than USD13B worldwide according to Pioneer Reports paper from March 2018. Majority of the products are targeted to the office and administrative clients. The industrial networks, including energy, heating, gas and water supply networks were until recently completely unprepared for the attacks. The cybercrime activity on the other hand is increasing exponentially. They become a part of the cyberwarfare between the states, being used by so-called “rogue states” for the political gains. The digitization of the production is a huge opportunity, but also great security challenge.

– The demand for mobile and wireless solutions in the industry growths. Remote management of the manufacturing process boosts reliability and effectiveness of operations – Robert Juszczyk said. – At the same, connecting manufacturing machinery to the internet increases the exposure to cyberattacks. If the OT network is not protected well, hackers can take control of the manufacturing processes – he explained.

Experts forecast that there will be 20 billion IoT devices connected to the internet in the industry at the end of 2020 (Gartner, 2017). At the same time more than 82% of the enterprises were attacked at least once in 2017 alone, according to KPMG. It creates a huge challenge, but also a tremendous market opportunity for ICsec. SCADVANCE XP, company’s flagship product, monitors the OT network, detects anomalies and cyber threats and allows the user to react, before the damage is made. The technology is based in European Union, being developed entirely in Poland.

– We are glad that our money are put to good use and are invested in the cutting-edge cybersecurity tech developed in Poland. ICsec’s system fosters the stability and security of the European industry – Konrad Sitnik, partner at EEC Magenta said. – With that investment EEC builds up the strongest portfolio of companies digitizing Polish economy on the local VC market.