The Automotive Component Manufacturers Association of India (ACMA) in partnership with Howden India successfully conducted a first-of-its-kind ‘National Conference & Display on Automotive Cyber Security – Risks & Safeguard’ in New Delhi.
The event aimed to highlight the emerging cyber risks and cybersecurity trends within the automotive industry. It focused on why automotive manufacturers need to supplement cybersecurity measures with adequate risk protection in the form of cyber insurance.
The speakers shared their views and advice across three technical sessions and a variety of subjects including cybersecurity 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 and recall insurance.
The event saw participation from Rajesh Uppal, CIO, Maruti Suzuki India; Neha Taneja, Chief Information Security Officer, Hero MotoCorp; Vineet Madan, Director, Cyber Security Technology, NCoE, DSCI; Arvind Koul, Head – Cybersecurity & Infrastructure, Uno Minda; Ranjeeth Bellary, Partner, EY; Mohan Bachhav, Partner & Industry Leader – Automotive, IBM Consulting; Pankit Desai, Co-founder and CEO, Sequretek; V Ranganathan Iyer, Group CIO & EVP-IT, JBM Group; Manish Karle, General Manager – Technology Group, ARAI; Amit Solanki, President, Howden Insurance Brokers India.
With rapid digitalidation 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 organisations against the associated cyber threats.
Vinnie Mehta, Director General, ACMA said, “As India increasingly becomes a significant player in global manufacturing, we anticipate a surge in technology adoption and digitalisation 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.”
Amit Agrawal, MD, Howden India added, “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 cybersecurity measures.”
The partners say with Indian automakers being urged by the Ministry of Road Transport and Highways (MoRTH) 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.
