The price of cyber-hacking

By CRM Staff 

Toronto, Ontario — December 18, 2018 — Cyber hacks could potentially cost the automotive industry $24 billion over the next five years, according to a new study released by Upstream Security, the first and only cloud-based Smart Mobility Cybersecurity provider.

Upstream’s comprehensive report studied the impact of more than 170 documented, Smart Mobility, cyber incidents reported between 2010-2018 and projects future trends based on that eight-year history.

The report, titled Upstream Security Global 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 Yarkoni, the automotive world is becoming a hotbed for smart mobility. Advanced technologies such as connected cars, autonomous vehicles, ride-sharing services and aggregated transport of all kinds are adding different risks at an astonishing rate.

The report found that 42 percent of automotive cyber-security incidents involve back-end application servers and that security needs to be multi-layered in order to adequately protect car owners.

The report also stated that while car manufacturers remain an obvious target, fleet operations, telematic service providers, car sharing companies, and public and private transportation also face an increasing threat of cyber-hacking.

The Upstream report is the first of its kind and is based on real-life incidents. The goal of the study is to provide insight into who is at risk, how key stakeholders are protecting themselves and emerging trends for 2019.


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