Mitsubishi Electric, ME Innovation Fund Invests in SCADAfence Ltd.

Rhea-AI Summary

Mitsubishi Electric Corporation has announced its investment in SCADAfence Ltd., an Israeli startup specializing in OT and IoT cybersecurity solutions. This marks the third investment from the ME Innovation Fund. The SCADAfence Platform offers critical visibility into industrial networks, helping to identify vulnerabilities and threats, including unauthorized devices. The partnership aims to enhance OT security solutions for the manufacturing sector, adhering to international standards such as IEC 62443. CEO Elad Ben Meir emphasized the growing need for advanced cybersecurity measures in industrial operations.

Positive

• Investment in SCADAfence Ltd. enhances cybersecurity offerings.
• Partnership aims to strengthen OT security for manufacturing industry.
• Compliance with international standards (IEC 62443) improves credibility.

Negative

• None.

Strengthening of the OT security platform for the manufacturing industry which enables user to reveal network vulnerabilities and threats by automatically

TOKYO--(BUSINESS WIRE)-- Mitsubishi Electric Corporation (TOKYO: 6503) announced today that its ME Innovation Fund has invested in SCADAfence Ltd., an Israeli-based startup company that provides the OT & IoT cybersecurity platform "SCADAfence Platform” as well the industry’s only dedicated GRC platform, “Governance Portal”, as the third investment.

SCADAfence provides visibility to networks that support industrial systems and critical infrastructure, in an age where various types of malware, are threatening industrial systems and critical infrastructure, frequently shutting down their control systems and causing serious incidents. To counter such risks, SCADAfence automatically recognizes and visualizes devices connected to a network and can reveal network vulnerabilities and threats against it. In addition to detecting not only the invasion of malware and unauthorized operations but even shadow IoT threats that devices or sensors which are connected to the network without formal authorization.

Mitsubishi Electric will work with SCADAfence to accelerate the strengthening of its OT security platform for the manufacturing industry and aim to develop its business by offering a safe and secure product line that complies with international standards (IEC 62443) and other regulations.

Elad Ben Meir, CEO of SCADAfence Ltd., said: “Industries are seeking advanced and secure networks that provide protection against security risks such as the threat of cyber attacks and data leakage. We will deliver the best possible solutions to our customers by leveraging our abundant experience in the OT & IoT cyber security field and our extensive knowledge of stable industrial system operations.”

For the full text, please visit: www.MitsubishiElectric.com/news/

View source version on businesswire.com: https://www.businesswire.com/news/home/20230329005459/en/

Customer Inquiries

Business Innovation & DX Strategy Div.

Mitsubishi Electric Corporation

Tel: +81-3-3218-4885

www.MitsubishiElectric.com/

Media Inquiries

Takeyoshi Komatsu

Public Relations Division

Mitsubishi Electric Corporation

Tel: +81-3-3218-2346

prd.gnews@nk.MitsubishiElectric.co.jp

www.MitsubishiElectric.com/news/

Source: Mitsubishi Electric Corporation

FAQ

What is Mitsubishi Electric's recent investment regarding?

Mitsubishi Electric recently invested in SCADAfence Ltd., a cybersecurity startup focusing on OT and IoT solutions.

How does SCADAfence contribute to cybersecurity?

SCADAfence provides visibility into industrial networks, identifying vulnerabilities and threats, including shadow IoT devices.

What are the goals of the partnership between Mitsubishi Electric and SCADAfence?

The partnership aims to enhance OT security solutions for the manufacturing sector and comply with international standards.

What standards does Mitsubishi Electric aim to comply with in its cybersecurity solutions?

Mitsubishi Electric aims to comply with international standards such as IEC 62443.

What is the stock symbol for Mitsubishi Electric?

The stock symbol for Mitsubishi Electric is MIELY.