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DNV ACQUISITION AIMS TO COMBAT CYBER RISKS

DNV ACQUISITION AIMS TO COMBAT CYBER RISKS

Wednesday, November 24, 2021 

DNV is to acquire industrial cyber security specialist Applied Risk. with the two companies joining forces with the aim of building the largest industrial cyber security practice, defending critical infrastructure in maritime and other industrial sectors against emergent cyber threats.

Threats to cyber security are becoming more common, complex, and creative. The maritime industry witnessed a 400% increase in attempted attacks between February and June 2020 alone, according to security specialist Naval Dome. Recovery from an attack can cost organisations hundreds of millions of dollars.

Many of the world’s largest shipping companies and other maritime organisations have been subject to serious cyber security attacks. IMO, which encountered an attack itself last year, has placed renewed focus on this issue. In January 2021, it introduced new guidelines stating that a ship’s safety management system should account for cyber risk management in compliance with the ISM Code.

Remi Eriksen, Group President and CEO, DNV, said: “Maritime assets are now at higher risk of new forms of cyber-attacks, as their control systems become increasingly connected. Life, property and the environment are at stake. DNV is investing significantly in helping our customers build a powerful force of defence. By joining forces with Applied Risk, we aim to build an industrial cyber security powerhouse to support the sector in managing these emerging risks.”

Established in 2012, Applied Risk is a thought leader in next generation cyber security solutions in maritime and other industrial sectors. The company’s team of engineering and cyber security professionals headquartered in Amsterdam, the Netherlands, have contributed to industry standards and led the development of security strategies for national governments.

Applied Risk’s experts will join forces with DNV’s cyber security specialists, who work with governments, corporations, and industrial operators to keep projects and operations secure.

Jalal Bouhdada, CEO, Applied Risk, said: “DNV and Applied Risk share a common vision of safeguarding critical industrial assets from the growing volume and complexity of cyber-attacks. This partnership brings together two highly respected organisations in industrial assurance and cyber security solutions. We will combine the strengths of Applied Risk and DNV with significant investments in security research and innovation to build and grow a cutting-edge industrial cyber security business that helps our customers outpace new threats posed by cyber criminals.”

Applied Risk and DNV will operate together under the DNV brand. A combined leadership team from both companies will be tasked with scaling a merged cyber security business with ambitions for significant growth by the end of 2025.

Liv A Hovem, CEO DNV’s Accelerator business unit said: “Cyber security will play an important role in DNV’s growth story in the coming years. Bringing together Applied Risk and DNV’s impressive teams of industrial cyber security experts is the first step in our plan to build a cyber security powerhouse through acquisitions and partnerships with top-tier cyber security firms around the world. We will also welcome more talent into the business as we grow, offering the opportunity to work on some of the world’s most advanced and complex cyber security projects alongside DNV’s global team of nearly 12,000 industrial domain experts.”

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