Cyber Hacks Could Cost Auto Industry $24 Billion

December 17, 2018

Cyber hacks might cost the auto industry $24 billion within five years, according a study by Upstream Security.

The Upstream Security Global Automotive Cybersecurity Report 2019 outlines how hackers attacked -- from physical to long-range to wireless and more -- and who they targeted in the Smart Mobility space.

"With every new service or connected entity, a new attack vector is born," said Oded Yarkoni, Head of Marketing at Upstream Security. "These attacks can be triggered from anywhere placing both drivers and passengers at risk. Issues range from safety critical vehicle systems, to data center hacks on back-end servers, to identity theft in car sharing, and even privacy issues. The risk is immense. Just one cyber-hack can cost an automaker $1.1 billion, while we are seeing that the cost for the industry as a whole could reach $24 billion by 2023."

According to the report, the automotive world is becoming a Smart Mobility ecosystem, according to Yarkoni. Connected cars, autonomous vehicles, ride-sharing services and aggregated transport of all kinds are adding complexity and risk at an incredible rate. This report is the first of its kind; based on real-life incidents and provides an insight into who is at risk, how key stakeholders are protecting themselves and emerging trends for 2019.

According to the report:

While car manufacturers are an obvious target, Tier 1 suppliers, fleet operations, telematic service providers, car sharing companies and public and private transportation providers are facing an ever-increasing threat.
In 2018, the number of cybercriminals (what the industry calls Black hats) attacks eclipsed the number of White hat (security specialists who breaks into protected systems to test and asses their security) incidents. This is the first time in the history that has happened in the Smart Mobility space.
Security needs to be multi-layered. This includes in-vehicle for close-proximity attacks, automotive cloud security for multiple vehicles, services and applications, and network security for the network side of the architecture.
42 percent of automotive cyber-security incidents involve back-end application servers.
Two new kinds of cyber-attacks are emerging through car sharing and driver exchange. These are having a measurable impact on fraud and data privacy.

You must login or register in order to post a comment.

ON DEMAND: DevSecOps creates an environment of shared responsibility for security, where AppSec and development teams become more collaborative. With the right training and tools, developers can become more hands-on with security and, with that upskilling, stand out among their peers... however, they need the security specialists on-side, factoring them into securing code from the start and championing this mindset across the company.

ON DEMAND: The insider threat—consisting of scores of different types of crimes and incidents—is a scourge even during the best of times. But the chaos, instability and desperation that characterize crises also catalyze both intentional and unwitting insider attacks. Learn how your workers, contractors, volunteers and partners are exploiting the dislocation caused by today's climate of Coronavirus, unemployment, disinformation and social unrest.

Security Magazine

2020 September

This month in Security magazine, we bring you our 2020 Most Influential People in Security annual report, where we highlight 22 industry leaders, their path to security, careers, goals and guidance for future security professionals. Industry experts discuss the evolution of ransomware, houses of worship security, cybersecurity standards, security careers in investigations and the unifying power of security. Diane Ritchey, past Editor-in-Chief, says goodbye and thank you to our readers.

View More Create Account

Cyber Hacks Could Cost Auto Industry $24 Billion

Related Articles

Related Events

Report Abusive Comment