Cybersecurity market for connected cars to grow to $4.14B by 2026

Cybersecurity services for connected cars is expected to grow to over $4 billion by 2026. (Photo by Alex Wong/Getty Images) on Friday estimated that the global external cloud automotive cybersecurity 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 with a CAGR of 18.3%.

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

ResearchandMarkets added that the number of connected cars will propel the growth of the external cloud automotive cybersecurity services market in the years ahead. Connected cars are vehicles that can access the internet to connect with other vehicles through an in-built connectivity system. Some of these features have been around for several years, but will grow in use as the auto industry moves more to 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, chief executive officer at 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 verifies not only the user, but also the device, and the authenticity of the application creates an appropriate layered approach to security that can prevent these kinds of attacks, said Miracco.

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

Dan Benjamin, chief executive officer at Dig Security, said when…