Across Australia and Asia, the industrial cybersecurity company supports companies in the oil and gas, utilities, manufacturing, water, and electrical power industries, and of late, the food and beverage sector, and notably, the pharmaceutical sector for the distribution of Covid-19 vaccines.
Singapore, 22 October 2021 (Source: Claroty)
Industrial cybersecurity company Claroty opens a regional headquarters office in Singapore. The announcement comes shortly after securing US$140 million in a Series D financial round in June this year to meet rapidly accelerating global demand for Claroty Edge, its new, patent-pending addition that delivers 100 percent visibility into industrial networks in minutes without any network footprint. The company is experiencing hyper growth in the Asia-Pacific region, having doubled its client base and achieving 250 percent growth in revenue year-over-year from the first half (1H) of 2020 to 1H 2021. The company has tripled its headcount in the region over the past year, hiring across seven countries. General manager Eddie Stefanescu leads Claroty Asia-Pacific and Japan (APJ).
“With most of the region working remotely, demand for digital services in APJ is growing, and with digitalisation comes inherent risk,” says Yaniv Vardi, CEO of Claroty. “In the industrial world, that risk is particularly high as previously isolated operational technology (OT) networks become more integrated with information technology (IT) networks, and thus exposed to a whole host of cyber threats they were not designed to face.”
“Our expansion in APJ is a reflection of this growing demand as well as the success we’ve achieved to date in the region, and we look forward to working with our strong ecosystem of partners to continue building upon this success.” — Yaniv Vardi, CEO of Claroty
Spending on OT cybersecurity in the region increases as large-scale cyber incidents impacting critical industrial operations has become more pronounced. Such incidents have also made regulators aware that they need to prioritise critical national infrastructure security, whether publicly or privately held. As a result, regional agencies are assessing how they will mandate incident-reporting procedures and cybersecurity practices be installed and required of companies that operate in certain sectors, especially those in energy, oil and gas, transportation, finance, healthcare, and food and beverage.
“It takes specialist knowledge and experience to effectively implement cybersecurity for OT networks, and what differentiates Claroty is the depth of visibility we have into those networks when our platform is implemented,” said Stefanescu. “That’s why public and private entities, including Coca-Cola EuroPacific Partners (Australia, Pacific, Indonesia), BHP, IRPC Public Company Limited, and Aboitiz Power, are investing in Claroty,” he adds.
According to Stefanescu, “Across Australia and Asia, Claroty is a strong partner for companies in the oil and gas, utilities, manufacturing, water, and electrical power industries, but our customer base is broadening. In the past year, we have also experienced strong growth in the food and beverage sector, and in the pharmaceutical sector for the distribution of Covid-19 vaccines.”
Vardi says that the company secures every connected device within the four walls of an industrial site, including OT, Internet of Things (IoT), and Industrial Internet of Things (IIoT) assets. He said, “Throughout the pandemic, with increasing remote connections, we expanded our capabilities to help our customers secure their IoT devices within the bounds of the industrial environment.”
“Temasek invested in Claroty because the team understands critical infrastructure cybersecurity better than anyone in the industry,” said Rashmy Chatterjee, CEO of Temasek’s cybersecurity platform ISTARI and Claroty board member. “We are delighted to see the company expand its presence in APJ, as the largest enterprises in the region – and the world – continue to rapidly adopt The Claroty Platform to protect their operational and production environments.”
“We are delighted to see the company expand its presence in APJ, as the largest enterprises in the region – and the world – continue to rapidly adopt The Claroty Platform to protect their operational and production environments.” — Rashmy Chatterjee, CEO of Temasek’s cybersecurity platform ISTARI and Claroty board member
Backed and adopted by leading industrial automation vendors, Claroty grew its partner base in the region by 70 percent over the past year, with partners including KPMG, Yokogawa Engineering Asia, Tesserent, SiS International Limited, and Inflow Technologies.
In June this year, the company introduced Claroty Edge, which functions as a highly flexible edge-data collector to deliver 100 percent visibility in minutes, with a simple, easy setup and absolutely no network footprint.
Claroty is trusted by the world’s leading organisations to protect their industrial assets, connections, and processes, with deployments in thousands of locations and facilities across all seven continents. For example, the company has worked closely with Pfizer to secure its COVID-19 vaccine supply chain in its race to meet unprecedented global demand.
There has been a clear and distinct shift since 2020 in the frequency and impact of cyber attacks against organisations that underpin the world’s critical infrastructure and supply chains. According to Cybersecurity Ventures, global ransomware damage costs are predicted to exceed US$265 billion by 2031, up from US$20 billion in 2021. As these incidents show no signs of slowing, Claroty’s new investment has firmly positioned the company at the forefront of the market with the resources, experience, and capabilities needed to shore up industrial cyber defenses for the future.
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