A new partnership is supplying a cybersecurity solution for smart meters as the energy industry faces the increasing threat of cyberattacks.

NanoLock Security, a device-level cybersecurity provider for smart meters and IIoT (Industrial Internet of Things) devices, and Renesas Electronics Corp., a Japanese semiconductor manufacturer, announced the partnership to introduce a platform that will secure smart meters from cyber-attacks.

“Smart meters are rolling out to consumers as fast as manufacturers can produce them and hackers see these devices as high-leverage targets for financial gain,” stated David Stroud, head of Europe and APAC, NanoLock Security.

The two partners are to address these risks with a Zero Trust solution that aims to prevent unauthorized outcomes.

The solution is hoped to safeguard consumer privacy, provider revenues and continuity of energy supply and complies with recent IIoT security recommendations issued by national governments. The joint solution will also allow Renesas to offer cybersecurity monitoring and management capabilities to its customers.

The announcement comes in as cyberattacks on energy infrastructure providers and utilities are escalating, with smart meters a major target.

Breached smart meters carry the potential for hackers to seize customers’ personal data, compromise company revenues, and even impact local area power supply. These attacks can come from outsiders, supply-chain sources, or insiders. Human error is also a major cause of security compromise in IIoT applications.

Each of these vectors is made more viable by the continued expansion of smart meter networks to reach ambitious rollout goals.

“With our partnership, Renesas will now have products with the highest level of protection on the market, providing their smart meter customers protection for their physical and digital infrastructure, customer data and present and future revenues,” added Stroud.

The joint solution from the Israeli cybersecurity company and the Japanese microcontroller unit (MCU) maker will be available to Renesas customers.