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Cybersecurity solutions provider, NanoLock Security, will partner with Indian metering company Genus Power Infrastructures, to develop a new cybersecurity solution that protects smart metering infrastructure, manufactured by Genus Power, from cyberattacks, theft, and fraud.

Genus Power has chosen NanoLock’s device-level protection and management solution to protect their infrastructure from human errors and cybersecurity threats while introducing remote management and control to new and legacy devices in their smart meter portfolio.

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The solution provides a new managed security service for utilities and smart city customers that would reduce their operational costs, especially in remote rural areas through trusted Over-the-Air (OTA) updates, while securing revenue that is often lost due to theft and fraud.

Genus Power installs more than 100,000 smart meters a month worldwide and has already provided 1.5 million smart meters to India’s Energy Efficiency Services Ltd. (EESL) as part of ESSL’s initiative to deploy 240 million smart meters by 2023.

With the increased installation of smart meters comes increased cyberthreats that could create a major financial impact for the utility 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.

NanoLock will provide Genus Power’s customers with a new cybersecurity service that offers device monitoring, alerts, and version upgrades, and enables secure and verified OTA updates to provide increased cyber protection for utilities. The solution is scalable to millions of devices, preventing cyberattacks of connected devices.

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“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.