Cyber Hacks Could Cost Auto Industry Billions

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

Dec. 17, 2018

Dec. 17, 2018—Cyber hacks might cost the auto industry $24 billion within five years, according a new study released by Upstream Security.

Issues range from connected vehicles and include safety critical vehicle systems to data center hacks on back-end servers. Connected cars, autonomous vehicles, ride-sharing services and aggregated transport of all kinds are adding complexity and risk at a significant rate.

Upstream issued its first comprehensive report studying 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 Cyber Readiness Institute also announced today the launch of the Cyber Readiness Program, to educate and equip small and medium-sized businesses with tools and resources to address four cybersecurity issues: authentication, phishing, patching and USB use.The program focuses on embedding basic cyber policies and processes into a company’s operating culture.

According to the Verizon 2018 Data Breach Investigations Report (DBIR), 58 percent of data breach victims globally are small businesses.