Hyundai AutoEver Corp., Hyundai Motor Group’s software unit, is set to boost its automotive cybersecurity business by launching a new division to address the growing threats to the global auto industry’s moves toward future mobility such as connected cars.
The South Korean mobility software provider said on Monday it has expanded its existing information security center into a new cybersecurity division with some 200 staff led by Chief Information Security Officer Choi Won-Hyuk.
“Hacking attacks using artificial intelligence are on the rise,” said Choi, a privacy and security veteran who spent over 20 years at major Korean companies such as Naver Corp. before joining Hyundai AutoEver in July.
“We aim to provide customers with world-class security, including the best defenses against potential attacks, in areas such as connected cars, the cloud and smart factories," said Choi.
More than 7 million connected cars have been sold in Korea to date, accounting for a quarter of all vehicles on the road.
Hyundai Motor Group Executive Chairman Chung Euisun stressed that the world’s third-largest carmaker needs to improve automotive cybersecurity technology.
“Security is an important issue directly linked to survival,” Chung said in his lunar New Year address.
GROWING MARKETThe global automotive cybersecurity industry is poised to grow rapidly. The global market was forecast to jump to $16.4 billion by 2032 from $3.1 billion in 2022 with an 18.2% compound annual growth rate, according to industry research firm Precedence Research.
Electric vehicles are also vulnerable to cyberattacks. Tesla's Model 3 was hacked in less than two minutes at the Pwn2Own hacking contest held in Vancouver, Canada, in March 2023.
Hyundai AutoEver plans to develop measures that will prevent security breaches in connected cars, such as illegal duplication of digital keys and cyberattacks on running vehicles and infotainment systems.
The company set up a service security team in the division that includes hackers and defenders for cyberattack drills. Hyundai Motor Co., Kia Corp. and Hyundai Mobis Co. all hold majority stakes in Hyundai Motor Group.
Write to Kyung-Ju Kang at
qurasoha@hankyung.com Jongwoo Cheon edited this article.
