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The Israel Electric Corporation (IEC) signed a Memorandum of Understanding with Canadian utility Hydro-Quebec to jointly implement cybersecurity projects.The IEC is responsible for the generation, transmission and distribution of electricity to some 2.7 million consumers in Israel whilst Hydro Quebec provides electricity to approximately 4.2 million customers in the Canadian province of Quebec.

Under the partnership, the two government-owned utilities will share their knowledge and experiences in the use of cybersecurity technologies to protect their grid infrastructure against cyber-attacks.

The two partners will host site visits, semi-annual discussion forums and participate in research and development of cybersecurity projects to be able to meet the increase in penetration of cyber-attacks resulting from the digital transformation of grid networks.

Ofer Bloch, CEO of the IEC, said: "Cyber-threats are increasing exponentially due to the complexity of the infrastructures and the goal of improving the service to customers with projects as smart grid. On top of that, the hackers are getting more sophisticated and organised."

Michael D. Penner, chairman of the IT committee at Hydro-Québec, added: “The velocity with which new technologies and threats are deploying motivate companies and countries to collaborate and exchange continually on these significant trends in order to stay ahead and protect against these menaces”.

Cybersecurity projects and market growth

The news follows a study on cybersecurity advancements in artificial intelligence conducted in mid-April by ABI Research.

According to the findings of the study, there are seven vital automated IT security applications driving cybersecurity advancements in artificial intelligence.

The smart grid technology intelligence firm forecasts network security and incident response market to generate $59 billion in revenue by 2021.

Moreover, automation is expected to play a key role in improving cybersecurity applications under efforts to reduce the impact and proliferation of modern cyber-threats.

In a press statement, ABI Research says automation will improve the operations of IT security applications by adding “critical IT security functions that range from assisting security personnel to streamlining security alerts to system optimisation.” Read more...

 

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