Cloudastructure has signed a Letter of Intent to purchase rapidly growing IoT
cybersecurity company IPG. The terms of the deal are undisclosed.
The acquisition would add an important new layer of cybersecurity
to Cloudastructure's expanding physical and cybersecurity platform and a key
offering for enterprise customers as they embrace new IoT technologies.
The plethora of IoT devices tells the story. According to a
Forrester report, "State
of Enterprise IoT Security in North America: Unmanaged and Unsecured":
- 67% of enterprises have
experienced an IoT security incident
- 84% of security professionals
believe IoT devices are more vulnerable than computers
- 93% of enterprises are planning
to increase their spending on security for IoT and unmanaged devices
Routinely installed IoT devices include: video surveillance,
access control, fire and life safety, utilities, conveyance, HVAC and
building management.
IPG's cybersecurity tool GearBox is a "plug-and-play" tool which
inventories devices, performs risk analysis, compliance testing and rogue
device detection. This combined with readily accessible normalized data
alleviates the level of risk introduced by IoT installations. The IPG team will be joining Cloudastructure, including Steve
Kiss, CEO.as General Manager, IoT Security.
Cloudastructure CEO Rick Bentley commented, "The acquisition of
IPG means Cloudastructure enterprise customers can enjoy not only a vastly
higher degree of cybersecurity than they can with other cloud video
surveillance providers, but opt for a robust IoT risk management posture
throughout their organization."
IPG CEO Steve Kiss commented, "We couldn't be more pleased joining
Cloudastructure, a cloud-based video surveillance provider that views
cybersecurity as critically as we
do."
Subject to satisfactory completion of customary due diligence and
the signing of a definitive agreement, the closing of the deal will be
announced on a mutually agreeable date.