Hacks Could Impact Auto Industry Up To $24B
Hikvision Cyber Insights Reduce Security Concerns, Risk of Being Hacked
The “Security Global Automotive Cybersecurity Report 2019” by Upstream found that cybersecurity hacks could cost the auto industry up to $24 billion within five years, according to an article in Security magazine.
“With every new service or connected entity, a new attack vector is born. These attacks can be triggered from anywhere, placing both drivers and passengers at risk. Issues range from safety critical vehicle systems, to data center hackson 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,” said Oded Yarkoni, head of marketing at Upstream Security, in the article.
Additional research findings include:
- Beyond auto manufacturers, the industry’s tier 1 suppliers, fleet operations, and telematics service providers are all facing increased threats of cyberhacks.
- In 2018, the number of black hat cybercriminal attacks exceeded the number of white hat security incidents.
- Back-end application servers made up 42 percent of auto industry cybersecurity incidents.
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