Electric Vehicle Cyber Security Seen Costing Over $400M by 2015
As auto manufacturers begin to launch the initial wave of electric vehicles (EVs), such as the Chevrolet Volt and the Nissan Leaf into the market, investment in EV cyber security systems is also expected to go up drastically.
According to a new study from Pike Research, investments in cyber security are expected to touch $432 million during the period from 2011 to 2015.
"The prevailing philosophy of the EV industry has been to 'build first, secure later,'" says senior analyst Bob Lockhart. "This poses many risks for financial transactions, customer privacy, and the integrity and reliability of the grid infrastructure. Utilities and key vendors are just beginning to focus on addressing these issues, and the security solutions implemented will have a strong influence on the success and credibility of EVs as a replacement for internal combustion engine vehicles."
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