German automotive parts supplier Continental has agreed to acquire Israeli start-up Argus Cyber Security for an undisclosed amount.
Post the acquisition, Argus Cyber Security will be part of Continental’s subsidiary Elektrobit (EB).
EB and Argus Cyber Security are expected to develop multilayered, end-to-end automotive cyber security solutions for their customers.
Continental predicts that by 2020 there could be hundreds of millions of connected vehicles driving on roads, around the world and these ‘computers on wheels’ could communicate as part of Internet of Everything.
The company noted that more number of connected vehicles there are, the higher the risk of cyber-attacks, posing risk to human lives and property.
Continental executive board member and interior division head Helmut Matschi said: “Only secure mobility is intelligent mobility.
“With the acquisition of Argus Cyber Security we are enhancing our abilities to directly develop and offer solutions and services with some of the world’s leading automotive cyber security experts to our customers around the globe in order to truly make mobility more intelligent and secure.”
The acquisition could significantly add to Continental’s arsenal in counter acting and reducing the risk of vehicles’ exposure to cyber-attacks.
The company plans to develop and provide end-to-end cyber-security solutions and services including intrusion detection and prevention, attacking surface protection and fleet cyber security health monitoring and management through security operations center (SOC) to protect vehicles. The companies will also provide secured over-the-air software updates to vehicles.
To help vehicle manufacturers rapidly respond to the growing need for cyber security solutions, Argus has forged significant collaborations with key industry players and is successfully delivering projects to vehicle manufacturers and suppliers worldwide. Argus also has representations in Japan, Germany and North America (Detroit and West Coast).
Continental stated that vehicle manufacturers, suppliers and independent third parties are testing Argus’ technology and claims that it out-performed its competitors.
Argus Cyber Security co-founder and CEO Ofer Ben-Noon said: “Argus was founded with a vision to protect all vehicles on the road from cyber threats. To this end we have developed the most comprehensive automotive cyber security offering in the industry and enjoy global recognition of our leadership. Joining forces with Continental and EB will enable us to further accelerate the realization of that vision.
“With automotive cyber security regulations in the making worldwide and with already millions of connected cars on the road, I can’t think of a better time, or a more exciting move, than now to become part of EB. Together we will shorten time to market and make it easier for vehicle manufacturers to protect their vehicles from cyber-attacks,” Ben-Noon continues.
