IT security is also affected by cost pressure. Projects are being put on hold and departments are being drastically downsized. This is even more surprising, as less than one in ten companies claim that cybersecurity meets their requirements. Even worse: more than one-third of companies would not even notice a sophisticated cyberattack. Although it's obvious they should invest in cybersecurity, the expenditure needs to be cut in light of the severe cost pressure. Spending less on IT security is a false economy and sends out the wrong signal.
Accessing a billion-dollar market
The future business model of auto manufacturers and suppliers is based on data. Added value is moving from products to services. The automotive industry is increasingly becoming a digital sector. A billion-dollar market opens up for those who manage to turn digital vehicle, location and user data into added value for customers.
The opportunities are virtually endless: real-time weather data can warn drivers with summer tires of black ice and remind them to change their tires, along with a notification of a special offer for winter tires. On the way to the airport, the car informs the driver if their flight is delayed or cancelled and suggests an alternative. The authorized workshop is automatically informed if there are any problems with the vehicle, including remote diagnosis for engineers. Attractive business models arise from the sale of data to other providers. As a result, insurers want to offer bonus models that are adapted to driving styles and are therefore dependent on real-time data from vehicles.
However, autonomous and connected driving as well as mobility platforms and their huge volume of data also increase the risk of cyberattacks. Cyberattack targets are not primarily individual vehicles, but the networked system from production and supply chains, cars, users and infrastructure in smart cities. Not only do companies have information about weak points, it also circulates around the darknet, among criminals or even governments and secret services. In the not-too-distant future, the automotive industry will most likely belong to the critical infrastructure and will be regulated accordingly, like the finance, energy, water supply and telecommunications sectors. Even now, breaches of data protection can lead to heavy penalties, not to mention damage to companies' reputations.