The connected car cybersecurity market is set to grow to $4.14 billion by 2026

The connected car cybersecurity market is set to grow to .14 billion by 2026

Cybersecurity services for connected cars are expected to grow to over $4 billion by 2026. (Photo: Alex Wong/Getty Images)

ResearchAndMarkets.com estimated on Friday that the global automotive cloud security services market will grow from $1.74 billion in 2021 to $2.12 billion in 2022 at a compound annual growth rate (CAGR) of 21.8% – and by 2026, this market will grow to $4.14 billion at a CAGR of 18.3%.

The main types of security in external cloud-based automotive cyber security services are endpoint, application and wireless network security. The various vehicle types include passenger cars and commercial vehicles.

ResearchandMarkets added that the number of connected cars will drive the growth of the external cloud-based automotive cybersecurity services market in the coming years. Connected cars are vehicles that can access the internet to connect to other vehicles through a built-in connectivity system. Some of these features have been around for several years, but will grow in use as the automotive industry moves more towards autonomous and electric vehicles.

On the security protection front, the automotive industry needs to adopt a defense-in-depth strategy when it comes to security, said Ted Miracco, CEO of Approov.

Miracco said many of the recent breaches have had a single point of failure, such as exploiting user credentials or API keys that have allowed anyone to unlock cars. Implementing zero-trust systems that verify not only the user, but also the device, and the authenticity of the application creates an appropriately layered approach to security that can prevent such attacks, Miracco said.

“We see a bumpy road ahead for the auto industry,” Miracco said. “We consistently find secrets (including API keys) hidden in automotive applications on both iOS and Android. Traditional approaches such as code obfuscation have proven unreliable, and we need to deploy additional features to secure these vehicles. As more companies use mobile devices for unlocking vehicles, we are seeing an increase in theft, and this will impact consumers, insurance companies and law enforcement.”

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Dan Benjamin, CEO of Dig Security, said that when we include all the cloud-based infrastructure and services that enable these connected cars to operate, there is great potential for exponential market growth in the coming years. However, Benjamin said there are inherent security risks — physical risks, data risks and software risks with all these interconnected elements.

“DDoS attacks are the most important threat,” Benjamin said. “A denial of service can shut down all the connected parts of a car and disrupt the operation of all the devices it’s connected to the car. Because so many of these devices and assets are connected via the cloud, it adds a layer of protection, but it doesn’t connected cars immune. Any investment in DDoS protection that automakers or other stakeholders in the value chain of connected vehicle systems make must include cloud, data and IoT security capabilities.”

Mike Parkin, senior technical engineer at Vulcan Cyber, said from a security perspective, connected vehicles present a number of challenges. Parkin said that while many of the applications, streaming music, shopping, finding gas, are quite similar to their mobile app counterparts, they run on a platform attached to a couple of tons of moving metal.

“It’s one thing to lose access to your media streams, and quite another when your car won’t start, or shuts down in the middle of a freeway,” Parkin said. “While there are some measures in place to separate the functions, the fact that you can remotely access functions such as remote start and door locks from a cloud-connected app shows what is possible. The security and liability issues in this area will require cloud-connected vehicle applications to get ahead of potential threats and stay there. Applications must be developed to a higher security standard, and cloud security will need improved monitoring, authentication and response capabilities.”

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