Ransomware has become a highly profitable industry, with major players like Conti Ransomware and Evil Corp leading the way. Although these entities are not publicly traded and do not report earnings to regulatory bodies like the SEC, it is estimated that ransomware payments reached around $450 million in the first half of the previous year. Shockingly, cyber-attacks are so lucrative that North Korea reportedly derives 50% of its foreign currency from cyber theft, as reported by Nikkei Asia.
In 2021, automotive companies faced the highest number of cyber-attacks within the manufacturing sector, making up approximately one-third of all attacks, as highlighted in an industrial threat research report by IBM. A prevalent tactic employed by cybercriminals involves targeting the supply chains of automotive manufacturers through vulnerabilities in third-party vendors.
In the list of industries facing ransomware attacks, the automotive sector ranked eighth out of 35, indicating a moderate vulnerability compared to others like technology, logistics, and transportation. It is less susceptible than some industries but more so than municipal and legal services. A 2021 Gartner report revealed that 71% of automotive Chief Information Officers (CIOs) planned to increase efforts in cybersecurity and information security that year compared to 2020.
Cybersecurity experts note that the automotive industry's enthusiastic adoption of digitalization and automation in its operations has significantly increased productivity. However, this shift has also made organizations more susceptible to cyber-attacks due to the expanded digital footprint.
Let’s Understand How Automobile Companies Can Protect Their System
The first step in safeguarding a car manufacturing company's systems is to understand the potential security risks and threats to their equipment. As technology advances, many companies are linking their older systems to the internet to collaborate with outside vendors. While it might take time for businesses to get used to this new security approach, there's a positive trend in increased awareness, making the industry safer.
To protect against large-scale ransomware attacks, the automotive sector needs to take a proactive stance in detecting and addressing risks in their manufacturing environment. This shift towards a more proactive security strategy is crucial for preventing potential cyber threats and ensuring the safety of the organization's systems.
