#Asia HARMAN acquires Israeli cyber security startup TowerSec for US$75M

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HARMAN intends to integrate TowerSec’s solutions for improving its security offerings on connected vehicles

Image Credit: TowerSec

In kicking off what should be a very interesting year for cyber security and the Internet of Things (IoT), automotive technology company HARMAN announced that it has acquired connected car security startup TowerSec and intends to integrate the solutions for improving its security offerings on connected vehicles.

HARMAN has explained that its interest in TowerSec stemmed from the need to address security concerns surrounding the vulnerability of critical parts in the connected car environment, including the network, hardware, and wireless updates to the vehicle’s systems that are carried out Over The Air (OTA).

“The demand for connected – and eventually autonomous – cars is accelerating quickly with OEMs and consumers understanding the enormous benefits that cloud, data and analytics produce for enhanced safety, productivity and entertainment. At the same time, we cannot sacrifice security for functionality,” said Dinesh C Paliwal, Chairman, President and CEO of HARMAN, in his statement to the press following the buyout.

“By acquiring TowerSec’s best-in-class suite of network protection software and gaining the expertise of their highly experienced security engineers, we will build on HARMAN’s 5+1 security framework, already the most comprehensive in the industry, and ensure that we remain one step ahead to protect existing and future connected systems,” he continued.

Also Read: Israel’s TopSpin whirls up US$7M Series A for cyber security solutions

Author’s take

Founded in 2012, Israel’s TowerSec is now headquartered in the US, holding a significant presence in major auto manufacturing centres like Michigan and Germany. Reports indicate that it had previously raised a total of US$3 million in funding before being acquired by HARMAN, making this success in pulling the US$75 million exit all the more impressive.

With the overall growth of the IoT sector, manufacturers in fields ranging from home appliances to healthtech wearables to toys and cars have been racing to integrate connectivity into their products. Besides basic functions like music and navigation, automakers are hoping to include a range of new features into their vehicles in hopes of appealing to the connected buyer.

The high profile hacks of the past year have helped to raise the profile of cyber security companies and the need for solutions as an integral part of doing business in the connected era. Due to increased risk of physical harm that can occur if a vehicle is hacked, the Internet of Vehicles as well as the security of medical devices have raised legitimate concerns from experts and consumers about the pace of connectivity in these types of devices.

Alongside TowerSec, companies like Tel Aviv-based Argus Cyber Security have continued to attract attention as they address many of the security related hurdles standing in the way of the next generation of the transportation experience.

The article Connected car security startup TowerSec acquired by HARMAN for $75M first appeared in Geektime.

The post HARMAN acquires Israeli cyber security startup TowerSec for US$75M appeared first on e27.

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