Mumbai, 19th April 2023: To highlight the emerging cyber risks and cyber security trends within the automotive industry, the Automotive Component Manufacturers Association of India (ACMA) has successfully conducted a first-of-its-kind conference “National Conference & Display on Automotive Cyber Security – Risks & Safeguard” on 18th April in New Delhi. As a key sponsor of the conference, Howden India espoused 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, while also serving as a unique networking opportunity for participating members.
With rapid digitalization raising several cybersecurity 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.
Elaborating on the objective behind this conference, Mr. Vinnie Mehta, Director General- ACMA stated, “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 Specialist, 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 in safeguarding themselves in a holistic manner.”
As an important contributing stakeholder, Howden India elucidated why automotive manufacturers need to protect themselves against financial losses arising out of cyber-attacks on their network of digitally connected machines and networks. Towards this end, the automobile industry ought to give equal or more weightage to cyber insurance, thereby adopting a balance between cybersecurity initiatives and comprehensive insurance coverage.
Speaking on why cyber insurance is the need of the hour, Mr. Amit Agrawal, Managing Director Howden India added, “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 cyber-attack, even when they fortify their systems with advanced cyber security measures.”
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 comprising 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.