New Delhi: The Automotive Component Manufacturers Association of India (ACMA) in partnership with Howden India successfully conducted a ‘National Conference & Display on Automotive Cyber Security – Risks & Safeguard’ on Tuesday to highlight the emerging cyber risks and cyber security trends within the automotive industry.
The conference focused on why automotive manufacturers need to supplement cyber security measures with adequate risk protection in the form of cyber insurance.
With eminent speakers providing their advice across three technical sessions, the half-day conference provided valuable insights on a variety of subjects including Cyber security trends and outlook in the automotive industry, Emerging Cyber Risks, Mitigation, Legal & Regulatory Impacts, and Emerging Risk & Other Key Issues with possible Insurance Solutions – Cyber Insurance, Product Liability & Recall insurance.
With rapid digitalization raising several cyber security risks, especially those emanating from the increasing usage of IoT devices and sensors across manufacturing plants and enterprise IT systems, there is an urgent need to safeguard automotive organizations against the associated cyber threats. The conference provided participants with an outlook on future cyber trends, and the legal and regulatory impact of cyber security breaches and even offered possible insurance solutions.
“As India increasingly becomes a significant player in global manufacturing, we anticipate a surge in technology adoption and digitalization in the domestic automotive manufacturing sector. As a consequence, cybersecurity risks will also escalate rapidly, underscoring the need for a forum where ACMA members, IT service providers, Cyber insurance specialists, and the wider automotive industry can come together to examine current threats and discuss effective strategies to mitigate them. ACMA is committed to facilitating the necessary digital transformation through such initiatives that help automotive entities safeguard themselves holistically,” Vinnie Mehta, Director General, ACMA, said.
“With a wealth of experience in providing risk management and consulting as well as insurance broking and portfolio management, Howden India has been advising a wide range of businesses and professional service organizations against a multitude of risks. As automotive firms pursue digital transformation initiatives, malicious entities will inevitably target their systems and will try to disrupt the functioning of business, necessitating a comprehensive cyber insurance cover. At Howden India, we believe that manufacturers ought to secure themselves against any financial impairments resulting from a cyberattack, even when they fortify their systems with advanced cyber security measures,” Amit Agrawal, Managing Director, Howden India, added.
With Indian automakers being urged by the Ministry of Road Transport and Highways to ramp up efforts against cyber-attacks, it is important for manufacturing entities to adopt a multi-pronged approach consisting of integrating advanced IT security systems, undertaking necessary legal measures, and ensuring thorough cyber insurance coverage. By securing themselves against all possible risks, the Indian automotive industry can not only protect itself against maleficent cyber forces but also truly explore the unbridled potential offered by the country’s large skilled workforce and favourable economies of scale.
