Tag: Cybersecurity

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Automotive Cybersecurity Market Size to Worth USD 16.43 BN by 2032

Automotive Cybersecurity Market Size to Worth USD 16.43 BN by 2032
Precedence Research

Precedence Research

The global automotive cybersecurity market size is expected to be worth around USD 16.43 billion by 2032, and it is registering at a CAGR of 18.15{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} from 2023 to 2032.

Ottawa, March 11, 2023 (GLOBE NEWSWIRE) — As per Precedence Research, the global automotive cybersecurity market size was valued at USD 3.1 billion in 2022. The most recent developments in connected and autonomous vehicles, as well as the rising number of electronic control units (ECUs) in electric vehicles, are driving the expansion of the automotive cybersecurity industry. Due to new manufacturing techniques and consumer-challenging technology, the automotive industry is facing a rapid revolution in cyber security that is being fueled by socioeconomic and environmental changes.

Report Highlights:

  • Asia Pacific region has accounted revenue share of 37{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} in 2022.

  • By vehicle type, the electric vehicle (EV) segment is poised to grow at a CAGR of 29{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} between 2023 to 2032.

  • By security type, the wireless network security segment has generated revenue share of 43{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} in 2022.

  • By security type, the application security has held revenue share of 35{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} in 2022.

  • By application, the infotainment segment has contributed revenue share of 37{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} in 2022.

  • By application, the ADAS & safety system segment is growing at a notable CAGR of 22{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} from 2023 to 2032.

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Market Overview

Cybersecurity is the defence against malicious assaults, damage, unauthorized access, and manipulation of automobile electronic systems, communication networks, control algorithms, software, users, and underlying data. The market for automotive cybersecurity is expanding as a result of rising demand for automotive cybersecurity solutions brought on by a rise in cyberattacks on the car industry. Cybercrime is on the rise, and it is anticipated that customer comprehension of information security will result in lucrative business opportunities. As a result, owners and organisations are urged to put automotive cybersecurity safeguards in place, which is what propels the sector.

The development of connected cars and the enforcement of vehicle data security regulations by regulatory bodies are expected to fuel further market expansion.

Regional Insights

Asia Pacific held 37{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} of the market in 2022 and is anticipated to continue expanding over the course of the forecast period. The number of cyberattacks has been rising steadily across APAC. Yet, a lack of security measures and the rising popularity of work-from-home policies have led to a rapid increase in cyberattacks. The two most prevalent kinds of cyberattacks are malware and ransomware assaults. The number of malware and ransomware attacks in APAC nations is still 1.6 times greater than worldwide. During 2018, ransomware assaults have increased in frequency across the globe. Cyberattacks on the auto industry have become more frequent as connected cars and digitization have proliferated. These attacks target the car and compromise crucial vehicle data, causing owners to incur significant losses.

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Scope of this report

Report Coverage

Details

Market Size in 2032

USD 16.43 Billion

Asia Pacific Revenue Share

37{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} in 2022

Infotainment Segment Share

37{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} in 2022

Wireless Network Security Segment Share

43{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} in 2022

Key Players

Vector Informatik GmbH, NXP Semiconductors N.V., Harman International, Broadcom Inc., Denso Corporation, Sheelds, Honeywell International, Inc., Continental AG, Guard Knox Cyber-Technologies Ltd., Robert Bosch GmbH and Others

Report Highlights

Based on vehicle type, commercial vehicles, personal vehicles, and electric vehicles can all be classified as segments of the market (EV). The EV category dominated the market in 2022 and is expected to grow in the near future. The market has grown as a result of more people becoming aware of economic development and the downsides of operating hybrid automobiles. In addition, a few of municipal governments are providing subsidies to encourage the purchase of electric cars in anticipation of greater infrastructure development.

Based on security insights, security for endpoints, applications, and wireless networks are the market segments. With a majority of the market share in 2022, wireless network security dominated the market. During test runs, the Wi-Fi-based wireless technology enables automotive professionals to concurrently monitor hundreds of data channels to track vehicle operational parameters and modify the test as it is being carried out. A modern vehicle incorporates numerous information-sharing networks, including wireless channels, to enable a variety of application scenarios.

Based on application, ADAS & safety system, infotainment, body electronics, powertrain, and telematics are the several market segments for car cyber security. With a highest market share the infotainment section was the market leader. Throughout the forecast period, this segment is anticipated to increase significantly.

The whole automotive industry is working to develop cutting-edge technology to give better connectivity options, increase vehicle safety, and enhance the in-car user experience. The “In-Vehicle Infotainment System” is one of the key technologies that serves as the focal point of all modern automobile systems, integrating their operations so they can be managed and monitored from a single central unit.

Based on form, in 2022 the in-vehicle sector dominated the market. In-car-connected services are technologies that make it possible to connect internal vehicle systems to those found in remote locations or external systems. The modern vehicle’s most connected component due to its mobile connectivity. Car Makers have had to adjust to changing consumer demands, which has resulted in ever-more-advanced technologies.

Also, external cloud services are growing at the fastest rate due to improvements in cloud infrastructure and framework. Cloud services offer a very dependable technology, especially given the volume of data produced by driverless vehicles. Moreover, cloud technology will lead to a faster rate of information transfer as the number of cars and devices connected to the cloud rises.

Market Dynamics

Driver

Increase in need for automotive cybersecurity

The rising connectedness of vehicles to everything, including traffic signals, parking metres, other vehicles, and much more, is altering the automotive industry. The employment of new technologies is prevalent, with electrified vehicles, shared mobility, self-driving cars, and advanced driver assistance systems (ADAS) among them (EV). These technologies not only increase comfort and safety on the roads, but they also leave this complex and dynamic environment vulnerable to intrusions. As the ecosystem becomes increasingly integrated, attack points increase, exposing new vulnerabilities that hackers might employ to jeopardise user privacy, car safety, and the integrity of automotive data. The Upstream Security Automotive Cybersecurity Report 2020, produced by an Israeli cybersecurity business, provided in-depth analyses and statistics based on an examination of 633 events that were widely reported since 2010, of which 207 occurred in 2019.

Restraint

Growing diversity in the automotive domain along with the rising complexity of the security software

Due to the large range of automobile types and the numerous applications that can operate within a car, the automotive industry is growing more and more diverse. The variety and complexity of automotive cyber security systems increase as there are more manufacturers of automotive solutions. The market’s growth will be constrained by the inescapable rise in installation and maintenance costs for vehicle cyber security systems as complexity develops.

Opportunity

Enhancing vehicle security using adaptive security

Adaptive security is a type of cybersecurity system that looks at events and actions to stop and prepare for threats before they happen. A business can utilise an adaptive security architecture to provide proportional enforcement that can be increased or decreased while continuously analysing risk. With adaptive security, which many automobiles manufacturers lack throughout their operations, it is simple to defend a dispersed workforce.

Adaptive security uses analytics and automation to protect against targeted and opportunistic cyberattacks, as well as trusted insiders and other insider threats. Adaptive security also safeguards an automaker’s ecosystem, which is growing every day as a result of connected car activities. Hence, it is anticipated that an increase in adaptive security in the automotive industry will fuel growth of the global automotive cybersecurity market during the forecast period.

Challenge

Discrepancies related to pricing strategies among stakeholders

Due to the introduction of ancillary services like multimedia streaming Ecalls and remote diagnostics within connected cars, the entire ecology of the automotive industry is changing. The automobile ecosystem has evolved from being fixed to being dynamic, with each actor accounting for a portion of the revenue. The linked ecosystem’s pricing model has proven challenging to implement due to the presence of various players. With different pricing strategies, many firms struggle to strike a balance between complexity and expense. Currently, software companies utilise a variety of pricing models to make money. Experts in the area claim that cybersecurity solution providers struggle to implement the night pricing plan to boost profitability and decrease missed chances in a range of circumstances.

Recent Developments

  • In July 2021, in its EVlink line of electric vehicle charging stations, Schneider Electric fixed security issues that may have allowed DoS attacks.

  • In August 2021, Upstream, an automobile firm, raised $62 million in a Series C round to increase the scope of its cloud-based security offerings.

Market Segmentation

By Security Type 

By Vehicle Type 

  • Passenger Car

  • Commercial Vehicle

  • Electrical Vehicle

By Application 

  • ADAS & Safety System

  • Infotainment

  • Body Electronics

  • Powertrain

  • Telematics

By Form 

  • In-Vehicle Services

  • External Cloud Services

By Geography

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Key Cybersecurity Advancements of 2022

Key Cybersecurity Advancements of 2022

by Egnyte • Dec 12, 2022

Author: Neil Jones, Egnyte

As 2022 draws to a close, there is a lot of very good news in the cybersecurity environment for a adjust. In a house that’s historically been dominated by anxiety, uncertainty and doubt (FUD), there ended up promising developments this year related with how corporations view cybersecurity and prioritize their IT stability investing.

In particular, there have been three important developments in 2022:

● For numerous corporations, cybersecurity expending was lastly considered as an expense somewhat than as an optional budgetary line merchandise.

● Many CISOs’ roles expanded to encapsulate new obligations as Chief Believe in Officers.

● Organizations arrived to the realization that “it takes a village” to avoid probable cyberattacks.

All a few of these developments are examined in additional depth underneath.

Helpful Cybersecurity: More Than a Budgetary Line Product

For years and decades, most organizations seen cybersecurity as a sequence of 1-off tasks that represented a drag on organizational sources fairly than as a strategic critical that in fact preserved revenue. In 2022, a wide selection of corporations- across all business verticals- finally faced the business enterprise reality that successful cybersecurity is a seem money financial investment and that working with an professional IT protection lover can improve the influence.

In this article are quite a few factors why:

● Helpful cybersecurity lessens firm downtime and improves personnel productivity. Statista identified that the average firm downtime soon after a ransomware attack was 20 times in Q4 2021. For those people 20 days — just about a few weeks’ time — employee productiveness and revenue-making pursuits ended up decimated.

● Cyberattack prevention is less costly than idly sitting by and waiting around for an attack to take place. As highlighted in a modern Memphis Small business Journal article, cyberattack avoidance is generally less high-priced than waiting around for an eventual assault. And as observed in my well known ransomware web site, the typical ransomware payment soared to $570,000 in 2021. In the meantime, acquiring a ransomware detection and recovery answer usually represents just a portion of that charge.

● Cyber insurance coverage premiums are much more workable for firms that prioritize cybersecurity. If you’d like to find out more about the relationship involving cyber insurance policies and constructive cybersecurity actions, listen to my modern webinar with Lynn Ambrose from The Plexus Groupe, “Why Cyber Insurance policies Rates Carry on to Rise and What to Do About It.”

● Customers are more assured conducting company with firms that use cybersecurity professionals in their businesses. New ISACA investigation indicates that IT safety certifications properly increase electronic trust and self-assurance in business enterprise interactions with buyers and stakeholders.

● Regulatory compliance is excellent small business. Not only does compliance with regulatory specifications this kind of as HIPAA, PCI-DSS and GDPR strengthen over-all cybersecurity preparedness, but it can also enable you to stop highly-priced fines and business enterprise interruption.

CISOs’ Roles Develop to Develop into Main Have faith in Officers

I’ve penned previously about the extended-awaited convergence in between details privacy and cybersecurity. At a November 2022 Forrester Exploration event, VP and Principal Analyst Jeff Pollard led a session about the burgeoning role of the Main Rely on Officer. This part combines the standard tasks of a Main Data Security Officer (CISO) and a Chief Privateness Officer, depending on the company’s solution. According to Pollard’s analysis, businesses as diverse as Atlassian, Cisco, DocuSign, Pink Canary and Reddit have added the title of Chief Rely on Officer to their portfolios or elevated CISOs to that situation in their providers.

As the small business globe transitions into 2023, govt positions like Chief Believe in Officer will grow to be even more essential primarily based on the adhering to:

● In accordance to a Forbes Insights report, 46{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} of companies experienced reputational destruction because of to cybersecurity breaches, and 19{515baef3fee8ea94d67a98a2b336e0215adf67d225b0e21a4f5c9b13e8fbd502} suffered reputational injury thanks to 3rd-bash stability breaches or IT method failures. With US economic progress expected to sluggish up coming yr, organizations will be sick-positioned to cope with diminished manufacturer name.

● In January 2023, the California Purchaser Privateness Act (CCPA) will changeover to the California Privateness Legal rights Act (CPRA). In the same way, the Virginia Consumer Details Defense Act (VCDPA) will go into result.

● In July 2023, the Colorado Privacy Act (CPA) will go into impact, together with the Connecticut Data Privateness Act (CTDPA).

● In December 2023, the Utah Consumer Privacy Act (UCPA) will go into impact.

● Meanwhile, stricter cybersecurity needs this kind of as the Cybersecurity Maturity Model Certification (CMMC) are anticipated to choose effect, indicating that firms will need to have to concentration on increasing details privateness and bolstering cybersecurity.

Your buyers will require an professional technology spouse to navigate all of these alterations.

Realization That ‘It Usually takes a Village’ to Avoid Potential Cyberattacks

In a development which is accelerated over the previous couple a long time, more cybersecurity specialists are signing up for field communities and seeking tips and assistance from their friends. At Egnyte, our Get All set for CMMC Group is just one of the fastest-expanding cybersecurity teams I have at any time managed. Likewise, many of our clients have generously shared their cybersecurity preparedness stories, which includes how the Parkinson’s Foundation made info safety a workforce activity and how Tutor Perini Company and ERRG deal with their CMMC compliance journeys. Your clients can profit from these in depth use situations.

With the rising realization that pretty much just about every business could turn into a cyberattack victim—particularly as a end result of ransomware—long absent are the times of relying exclusively on internal organizational sources. As a end result, firms are turning out to be far more open by sharing their ordeals with other companies and trying to get substantial assistance from their company partners. For additional cybersecurity trends, please read through and share Egnyte’s the latest “Cybersecurity Traits for Mid-Sized Corporations” review.

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