Auto Industry could lose $24 billion to Cyber Attacks

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Israel based Upstream Auto; a cybersecurity solutions provider for the automotive industry has released a security report which says that cyber attacks on auto industry might cause $24 billion loss to Connected Car manufacturers in next 5 years. Upstream Auto released a comprehensive report on the issue after it studied over 170 documented incidents related to “Smart Mobility” between 2010 -2018.

Upstream Security Global Automotive Cybersecurity Report 2019 specifies how hackers attacked smart mobility vehicles via physical and long-range wireless attacks.

“With every new service or connected entity, a new attack vector is born”, said Oded Yarkoni, Head of Marketing at Upstream Security.

As attacks can target critical safety systems in vehicles to data center hacks on back-end servers to identity theft in car sharing; the attacks can be triggered from anywhere putting drivers and passengers at high risk. As a hack can cost an automaker $1.1 billion in a loss on an average, it could reach $23 billion by 2023 said Oded.

It’s Obvious that the future of the automotive industry is based on Smart Mobility Ecosystem.

And so Yarkoni added that the working of connected cars, automated vehicles, ride-sharing services and aggregated transport of all kinds could get intricate at an incredible rate in coming years.

Upstream also projected other insights in its security report which are as follows-

A.) Car manufacturers will be easy targets of hackers in the future and that’s obvious. But at the same time, tier 1 suppliers, fleet operations, telematics service providers, car sharing companies and public and private transportation providers will also face ever increasing threats.

B.) This year, cyber attacks launched by hackers have eclipsed the work of white hat hackers who break into computer security systems of corporate companies to test their cybersecurity defenses. Upstream Auto confirmed that the scenario has taken place for the first time in the history of Smart Mobility Space.

C.) Research done by the security firm says that over 42% of automotive cybersecurity incidents involve back-end application servers.

D.) The research also shared its insights on two new kinds of cyber attacks which emerged from the operations of car sharing and driver exchange- making a measurable impact on fraud and data privacy.