The report finds that a paltry $432 million is being invested in EV cybersecurity over the next five years, compared to the billions of dollars that have been invested in EV development and production.
The analysis finds that the largest segment for EV cybersecurity investment will be in smart charging management, which will see $274 million in worldwide investment between 2011 and 2015. Other key market segments include data analytics and customer information management.
“The prevailing philosophy of the EV industry has been to ‘build first, secure later,’” warned Pike Research 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.”
The report details the areas where the EV industry needs to invest in cybersecurity: securing financial transactions for recharging; implementing cybersecurity measures for EV service equipment and distribution grid hardware; securing end-to-end communication throughout the EV infrastructure; authoritative identification of vehicle owners/operators for recharging transactions; and compliance with data privacy laws and related regulations.