Between 2020 and 2023, automotive-related cyber attacks increased 225%, according to cyber security and anti-fraud company AI Edge Labs. In 2024, these incidents are expected to cost the industry up to US$505bn.
Automakers have already felt the consequences of failing to secure their vehicles and production facilities adequately. In 2017, a large-scale ransomware attack halted production at plants owned by Honda, Renault, and Nissan. In October 2022, 7GB of Ferrari’s sensitive information was stolen. Five months later, the OEM experienced another ransomware attack targeting customer data.
With cash, reputations, and safety all on the line, no company in the sector can afford to ignore the importance of cyber security. As automotive products become increasingly connected, the entire supply chain must be examined for weaknesses, and the cornerstones of robust cyber defences established.
