Automotive Customer More Likely to Abondon Brand over Cyber Security Breach

HSD partner KPMG recently published a Consumer Loss Barometer Study revealing that automotive customers are, by comparison, far more likely to abondon a brand over cybersecurity issues. According to the survey, statistics show that financial services customers on the other hand relatively forgiving in the event of a security breach. "This points to a maturity/awareness curve: customores in banking are accustomed to hearing about security whereas in automotive they may not even be aware the risk exists. Accordingly, the risks and costs of a misstep may be greater in auto than for many more tech-mature industries."

The increased connectivity "presents some real and important cybersecurity risks, the most of which is safety. Unlike most consumer products, a vehicle breach can be life-threatening, especially in the vehicle is driving at highway speeds and a hacker gains control over the car." HSD underlines these concerns. In May of this year HSD organised the HSD Café -Opportunities in Automotive Security Solutions. By using a security-by-design approach, integrating security from the outside of the automotive innovation process, could lead to great opportunities.

New Opportunities

HSD is exploring opportunities for cross-overs between the automotive sector and the security sector and has started a collaboration with AutomotiveNL. AutomotiveNL seeks to boost the Dutch automotive industry through national and international promotion and representation at OEMs and automotive suppliers, umbrella and cluster organisations, as well as the public sector. AutomotiveNL represents the interests of the Dutch automotive industry. Smart Mobility and Green Mobility are the main focus areas. AutomotiveNL focuses on innovation, education and knowledge transfer, validation, manufacturing and internationalisation.