The importance of cybersecurity is becoming abundantly clear to many companies across differing industries. Hacks in the past, such as those on Target or Home Depot, were targeted more toward the customers. Intel Corp. (NASDAQ: INTC) and Honeywell International Inc. (NYSE: HON) are partnering up to integrate a platform that will help protect businesses from being the targets of future hacks.
Both companies announced that they will collaborate to bolster protection of critical industrial infrastructure and the Industrial Internet of Things (IoT). Basically, Intel’s McAfee technologies will be integrated with Honeywell’s Industrial Cyber Security Solutions. The end goal is to provide Honeywell customers with enhanced security software to protect their control systems from malware and misuse.
Ultimately, this collaboration between Intel Security and HPS will combine advances in cybersecurity technology with Honeywell’s unique industrial process domain knowledge to provide tailored security solutions for the industrial environment.
Considering that the growing threat of cyberattacks to industrial targets is a major global concern, this is a natural move for both companies to team up and integrate their security platforms.
Raj Samani, vice president and chief technology officer of Intel Security, commented on the deal:
Protecting our critical infrastructure and the emerging IIoT from cyber threats is a priority, and the collaboration of two industry leaders will go a long way toward that goal. Technologies in the IIoT space have a tremendous amount of potential, and we can’t let security concerns undermine that; instead, security has to enable the growth of IIoT, and that’s what our engagement with Honeywell will do.
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Shares of Intel were up 0.8% to $32.19 Thursday afternoon. The stock has a consensus analyst price target of $34.56 and a 52-week trading range of $29.31 to $37.90.
Honeywell shares were down 0.5%, at $103.63 in a 52-week range of $82.89 to $107.10. The consensus price target is $114.15.
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