As more and more businesses begin to do business online and/or become more digital in nature, they open themselves up to increased levels of risk when it comes to cyber attacks. Cybersecurity spending is expected to continue growing as companies want to do all they can to protect themselves.
Not only can cyber crime like a hack or data breach ruin a company’s reputation, it also has the potential to cost them millions (or even billions) of dollars. All it takes is one small vulnerability to potentially spell disaster for a business, so they need to do all they can to protect themselves.
While there are many industries where cybersecurity is crucial, one that you might not think of is the automotive industry. But what about the auto industry makes cybersecurity so important in space? Keep reading to find out more.
The Industry is Often Targeted by Cyber Attacks
One reason behind the importance of cybersecurity in the auto industry is that the industry has been a frequent target of cyber-attacks recently. The more automated and digital vehicles get, the larger the risk that they (or the companies that make them) can be targeted by criminals.
These attacks range from hackers stealing important tech secrets or leaking features, damaging a manufacturer’s digital infrastructure, manipulating functions within a vehicle, and so much more.
If companies and the industry as a whole don’t respond to these attacks with increases to cybersecurity protocols and policies, they will continue to cost companies billions. If you want to learn more about this topic and how important cybersecurity is in the auto world, check out this helpful automotive cybersecurity study by Rinf.tech.
Customer Data and Information is at Risk
Another reason why cybersecurity is so important in this space is because customer data and information is at risk more than ever before. With many vehicles being more connected to their driver than ever before, hackers can access driver personal information, phone contacts, GPS coordinates, past trips, and more.
There are examples of this occurring within many auto-makers, and various pieces of information can be stolen, sold, or used maliciously. No one wants to worry about their current whereabouts being tracked by criminals or being scared that someone out there knows their personal information and where they have been.
Automotive manufacturers need to take additional steps to protect customers and ensure that these vehicles can be connected and convenient, without being a security risk for those who drive them.
It Can Prevent Crashes and Other Catastrophes
Last, but certainly not least, proper cybersecurity measures can help to prevent crashes and other catastrophes from occurring. With many vehicles including some type of driver assistance or autonomous functionality, these systems have the potential to be hacked and taken over by cyber criminals.
If a hacker is able to somehow gain influence over these features, there is nothing stopping them from deliberately causing a vehicle to crash, or stopping the driver from being able to do certain things. This can cause extreme danger not only to the driver, but also everyone else in their environment.
Also, with many vehicle upgrades now being able to be added over-the-air (OTA), companies need to ensure that hackers cannot interfere with these upgrades or changes in any way.
Fortunately, secure vehicle software infrastructure used by automotive OEMs proactively addresses threats across millions of vehicles.
In conclusion, we hope this article has been able to show you why cybersecurity is so important in the automotive industry. Manufacturers need to do all they can to keep security in mind every step of the way, both to protect themselves and their customers.
