November 29, 2021
The two companies aim to build the world’s largest industrial cyber
security practice to safeguard critical infrastructure in energy,
maritime, manufacturing, chemicals, healthcare and other sectors.
the independent assurance and risk management provider, will acquire
industrial cyber security specialist Applied Risk. The two companies
will join forces with the aim to build the world’s largest industrial
cyber security practice, defending critical infrastructure against
emergent cyber threats.
Financial terms of the deal have not been disclosed.
Threats to industrial cyber security are becoming more common, complex
and creative. In 2020, nine in ten companies in the manufacturing,
energy and utilities, healthcare and transportation sectors suffered an
attack on the computing systems managing their industrial operations.
Recovery from an attack can cost organizations hundreds of millions of
dollars and companies face are facing increasing pressure to comply with
Attacks are also becoming increasingly dangerous: Gartner forecasts that
cyber criminals will go beyond making attacks for financial gain this
decade, and progressively weaponize industrial control systems to cause
harm to human life2. According to Forrester Research, 63% of
organizations within industrial sectors said the safety of their
employees was highly or critically impacted by cyber security breaches3.
“Industrial assets such as windfarms, oil and gas infrastructure, ships,
manufacturing facilities and medical equipment, are now at higher risk
of new forms of cyber-attack as their control systems become
increasingly connected. Life, property and the environment are at stake.
DNV is making significant investment 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 our
customers in managing these emerging risks,” said Remi Eriksen, Group
President and CEO, DNV.
A combined force of defence
Established in 2012, Applied Risk is a thought leader in next generation
cyber security solutions for industrial sectors. The company’s team of
engineering and cyber security professionals headquartered in Amsterdam,
the Netherlands, have contributed to a wealth of industry standards and
led the development of security strategies for national governments.
Applied Risk works with a broad client portfolio, including Fortune 500
companies across Europe, the Middle East and Asia, advancing
capabilities in industries including energy, maritime, pharmaceuticals,
transport, mining, utilities and manufacturing.
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. DNV provides
real-world cyber security expertise to some of the world’s most complex
infrastructure projects, helping customers identify their cyber risks,
build a powerful force of defence against threats, recover from attacks
and win stakeholder trust and support.
“DNV and Applied Risk share a common vision of safeguarding industrial
assets from the growing volume and complexity of cyber-attacks. This
partnership brings together two highly respected organizations 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,” said Jalal Bouhdada, CEO, 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
“Cyber security will play an important role in DNV’s growth story in the
coming years,” said Liv Hovem, CEO of DNV’s Accelerator, a new business
area dedicated to rapidly growing new DNV businesses, services and
“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,”