Increasing threat of cybersecurity attacks on Motor Industry

Increasing threat of cybersecurity attacks on Motor Industry

Cyber Insurance

Cyber Insurance

Today’s modern motor is no longer just an electro-mechanical vehicle. Over the years, the motor industry has become more connected, with smarter, more efficient technologies. These enhancements contribute significantly to a drivers safety, comfort, and enjoyment. However, it also presents a new challenge by turning vehicles into a prime target for cyberattacks.

What impact has this on cybersecurity?

There is a growing risk that a vehicle’s system can be infiltrated including the violations of safety, privacy and financial elements of a vehicle.

Recent years have seen a number of examples highlighting the vulnerability of connected cars such as:

  • In the summer of 2015, there was a series of high-profile car hacks involving remotely unlocking car doors, turning on windscreen wipers, interfering with steering and even the stoppage of a Jeep Cherokee on a highway in America. The incident involving this jeep cost an estimated $45.5 million (€37 million) for Fiat Chrysler. It also exposed a major vulnerability when it came to the security of these modern vehicles.
  • In 2016, the Tesla Model S was compromised by a team of Chinese researchers allowing the hackers to take remote control of the brakes, door locks, infotainment screen and other features from 12 miles away. They targeted the car’s controller system which has a cluster of connected computers operating everything from lights to electric windows. This cluster is present in almost all cars today.

The Connected Car penetration in Ireland is 36.8 % in 2018 and is expected to hit 86.7 % in 2022. Therefore, the more connected our vehicles become, the greater the cyber threat is to our vehicles.

What can be done to prevent these attacks?

In 2015 the motor industry set up an Automotive Information Sharing and Analysis Center. This center is used to identify and track potential cyber threats. Addressing these risks will be no easy task, and rigorous industry standards must support that cybersecurity should be owned, governed and promoted at board level with no exceptions. Defensive software solutions must also be installed to protect all components that are connected externally, to the Internet.

Unfortunately, 100% cybersecurity is not a reality as of yet, but containing a hack situation as quickly as possible would make a significant difference.

Do you wish to talk about cybersecurity for your business or receive a quote on your motor insurance?

At Murray & Spelman Ltd, our Cyber Team will design a package of covers that is right for you and your business. We also provide affordable car insurance if you are currently looking to insure your vehicle.

Contact our Cyber Insurance or Motor Insurance Team today by requesting a call back on our website. Alternatively, you can call our Galway Office on 091 759500 or our Kildare Office on 045 888088.

As always, we look forward to hearing from you.

Information sources: Irish Times and Statista.