Connected Vehicles in the Shark Tank: Rethinking the Challenge for Cybersecurity to Keep Pace with Digital Innovation

Abstract

Although vehicle connectivity reveals significant potential to enrich mobility stakeholders, besides enhancing road safety, reducing congestion, and improving accessibility of personal mobility, it bears certain risks. On the one hand, societies, industries, firms, and economies can benefit from the globally growing market for connected vehicles enabled by digitization. On the other hand, cybersecurity threats emerge due to the increasing complexity of products with a rising number of electronic control units and lines of codes. Furthermore, the fragmented supply chain results in more complex policing and security. The rise of connected vehicles implies that stakeholders potentially have to reposition themselves within the mobility ecosystem and establish their roles along the value chain. Adapting across functions and reflecting upon new partnerships will be pivotal for companies to sustainably succeed on the market. Consumer, technology, and regulatory conditions will likely determine the full deployment of connected vehicles. This paper first distinguishes the relevant terms, explores the market environment, and studies the shift in the mobility ecosystem and value chain. Fundamentals of cybersecurity threats and connectivity features are investigated. Hacking the mind of a hacker, the discussion of potential cybersecurity solutions follows.