Your vehicle is no more a simple vehicle as it has turned into a high tech computer like a scientific fiction due to advancement in technology. The entire system inside the vehicle from its steering, infotainment systems or acceleration is controlled by some sort of software. These software’s have their own codes which help the vehicle to move and smoothly operate.
The evolving nature of the electronic system of a vehicle has also increased the malicious intent of hackers to take command of the car by incorporating infectious virus in its software system. Technological advancement have resulted in global adoption of cybersecurity solutions as every system is under the radar of hackers weather it is our computers or high tech system fitted inside our vehicles and connected via the internet. This has fuelled the growth for automotive cybersecurity market.
Therefore automakers are taking steps to secure the entire network system within the vehicle just like information technology sector does. The vulnerable entry point to a vehicle by a hacker is generally through the MP3, telematics system, unauthorized apps, door locks etc as seen by researchers.
A recent survey in 2019 of auto manufacturers from Synopsys and SAE International, 62% of respondents think it is likely or very likely that malicious attacks on their software or components will occur within the next 12 months. The study also revealed that software security is not keeping pace with technology in the automotive industry and, as a result, connected vehicles have a range of unique security issues. This is giving rise to potential threat for car malware which is growing.
It is forecasted that the global automated cyber security market will be ever growing in the coming years as the demand for connected cars grow. Market assessment has been done across the major geographies such as North America, Europe, Asia Pacific, Middle East, Latin America and Rest of the world. The automotive cyber security market has been segregated by type, by application, by region, by market share and by security.
Key Reasons for Growth in Automotive Cyber Security Market
The key dynamics behind the growth of cybersecurity market in the automotive sector are growing preferences for increased focus on the security of private and connected vehicles. Other major reason can be linked to rising demand for affordable managed service security providers and cyber risk insurance. The global automotive cybersecurity market is projected to grow over $6.03 billion by 2029, according to a new market intelligence report by BIS Research, titled “Global Automotive Cybersecurity Market Analysis and Forecast, 2019-2029”.
“The key trends in automotive sector are new technology vehicles (non-conventional fuel based), driverless cars and connected vehicles says Srikanth S, Head of Information Security, TVS. The increased emphasis to track the usage pattern, proactive alerts and tracking of vehicles are becoming critical. These are driven through’ latest technologies such as AI, ML & technology innovation for the vehicles of the future.
With the increased dependency on real time data and decisions based on the same, security of data becomes critical in terms of its integrity and availability and one of the critical reasons for growth in automotive cyber security market”.
The automotive industry has manufactures and software providers that are required in the process of assembling. They fall in the same supply chain and it is a collective process. The integration of third party for providing components, dashboards, Bluetooth, software communications protocols and applications give chance to increase the threat vectors.This growing threat has been major motive behind the rise of cyber automotive market. If the vehicles internal electronic system remains insecure, downloading a malicious app to your car can prove quiet dangerous.
Vehicles are also going wireless. The networking is done by wireless connectivity and one of the reasons for hackers to gain access into the internal systems of the vehicle. The next generation of Audi and Tesla (TSLA) automobiles are connected to the AT&T (T) network. Wires won’t be needed to hack them. This is one of the reason auto suppliers are taking initiatives to secure the vehicle which in turn giving rise to the automotive cyber security market.
Cloud and other evolving technologies have provided many opportunities for the market to develop. The cloud features comprise open APIs that recognize and connect to vehicles enabling a seamless flow of data across mobility systems, life cycle management, data security, and load balancing. It also allows for vehicle programming, remote diagnostic, monitoring and service logging.
A study of Automotive industry cyber security practices “ Securing modern vehicle “conducted by Ponemon Institute highlighted that 84% of automotive professionals have concerns that their organizations’ cybersecurity practices are not keeping pace with evolving technologies.30% of organizations do not have an established cybersecurity program or team, and 63% test less than half of the automotive technology they develop for security vulnerabilities.
“The proliferation of software, connectivity, and other emerging technologies in the automotive industry has introduced a critical vector of risk that didn’t exist before: cybersecurity,” said Andreas Kuehlmann, co-general manager of the Synopsys Software Integrity Group.
The survey also found that 33% of respondents reported, their organizations educate developers on secure coding methods. Additionally, 60% say a lack of understanding or training on secure coding practices is a primary factor that leads to vulnerabilities. Also 73% of respondents expressed concern about the cybersecurity of automotive technologies supplied by third parties. Meanwhile, only 44 % said their organization imposes cybersecurity requirements for products provided by upstream suppliers.
Ponemon surveyed 593 professionals from global automotive manufacturers, suppliers and service providers.The research further elaborated that North America is the dominant regional market due to high demand for automobiles followed by APAC region the second largest market due to changing consumer lifestyle along with increasing purchasing power. Germany in Europe is third due to presence of large automakers.
In the current scenario it is important to inculcate proper training on cybersecurity skills and generate awareness. The growing complexity among connected and autonomous vehicles are thereby increasing demand to develop advance security solutions, services and required training and address the widening gap.
(Image Courtesy: www.bankinfosecurity.com)