Automotive Industry Under Ransomware Attacks: Proactive Measures

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 enthusi

[…]
Content was cut in order to protect the source.Please visit the source for the rest of the article.