Security Market Segment LS
Tuesday, 16 March 2021 08:10

Turnbull invests in ICS security firm Dragos as it expands in ANZ

Turnbull invests in ICS security firm Dragos as it expands in ANZ Image by Ashraf Chemban from Pixabay

Industrial control systems security specialist Dragos has gained a well-known investor as it expands its presence in Australia and New Zealand, with former prime minister Malcolm Turnbull having ploughed some of his hard-earned into the firm.

This is Turnbull's second investment in a security firm, through his company Turnbull & Partners after he left Parliament. The former Liberal leader made an investment last year in a firm known as Kasada which is backed by In-Q-Tel, the investment arm of the CIA.

Dragos chief executive and co-founder Robert M. Lee, an NSA alumnus, said in a statement: “The convergence of an increasingly ICS-aware and capable threat landscape with the trend towards more network connectivity presents industrial organisations with a set of cyber security challenges that are truly global in nature.

“Our expansion into the Australia and New Zealand markets will enable us to not just better partner with companies in the region to ensure that they are successful in their industrial cyber security journey, but also to help foster the local ICS/OT cyber security practitioner community through ongoing education and engagement.”

Turnbull's investment in Dragos was made during the company's Series C round of fund-raising in December.

“The cyber threat to operational technology has never been greater than it is today,” he commented. “We face many challenges in defending Australia and New Zealand’s large, complex industries from these threats.

"We chose to invest in Dragos because it is providing world-leading industrial cyber security expertise and technology at a time when vital industries are being challenged more than ever.”

Dragos said it had been working locally with energy infrastructure firm Jemena which serves 1.7 million NSW and Victorian customers' electricity and gas needs.

Jemena owns the Eastern Gas Pipeline, the main arterial for gas distribution on the east coast.

The company's Digital Security and Risk manager Dave Worthington commented: "Cyber-attacks pose an increasing risk to businesses like ours which are relied on to deliver energy to many homes and businesses across the country.

“By partnering with Dragos we have access to a team that goes beyond what traditional information technology cyber security vendors can offer. This gives us and our customers peace of mind that we are well defended from cyber threats.”

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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