It is predicted that, by 2025, the cost of cybersecurity breaches will cost the world $10.5 trillion – with the financial impact on the global automotive industry reaching $24 billion.
Technology has transformed mobility; from software defined vehicles to the proliferation of connected vehicles – driving incredible advancements in areas such as safety, fuel efficiency, and entertainment, with the modern vehicle typically collect as much as 100 gigabytes of data per day and transmitting 36 gigabytes of data.
Car-generated data is considered highly lucrative, with expectations that data-based services will provide billions in additional revenue for vehicle manufacturers. Unfortunately, as a consequence, it is making the industry an increasingly attractive target for cybercriminals. This puts independent garages in particular at greater risk, as they are less likely to have strong digital defences in place to mitigate the threat, reduce vulnerabilities and protect their reputation.
Earlier this year, the revised guidelines of the Motor Vehicle Agreements Block Exemption Order 2023, (‘MVBEO’) which replaces the similar EU Motor Vehicle Block Exemption Regulation (‘MVBER’) were retained following the UK’s withdrawal from the EU. This will ensure that aftermarket operators, including independent garages, continue to have access to vehicle-generated data necessary for repair and maintenance. But this access carries responsibility.
Without robust cybersecurity protection in place, aftermarket businesses could find themselves falling foul of insurance companies and facing liability if a vehicle is compromised (‘hacked’) while on their premises.
The automotive aftermarket is, at once, both at the forefront of technological innovation and wedded to old ways of working, which is leaving them vulnerable to cyber-attacks. Layered on-top of the skills shortage, the lack of training and a failure to invest in technology, the threat of cyber-attack is one of the biggest risks facing the automotive industry today. Aftermarket businesses must engage in building their digital infrastructure to ensure their survival.
The shifting technology landscape in the automotive aftermarket is the driver for creating Autotech Connect. Our intention is to support the aftermarket understand the threats and opportunities created by software defined vehicles and connected cars through our partnerships with leading hardware, software, training and IT providers who have application knowledge from other industries, including government, banking, and healthcare. We are aiming to deliver technology driven solutions that brings their expertise to the automotive aftermarket, delivered in a language suitable for the sector, in a bid to help them navigate the challenges.
