Cybersecurity for Cars
Israel's Upstream Security Secures Millions in Funding
Israel's Upstream Security has secured $30 million in funding to develop software to protect connected and autonomous vehicles from cyberattacks by hackers. The funding is coming from automakers like Renault, Nissan, Mitsubishi, Hyundai and Volvo Truck, Nationwide Mutual Insurance and venture capital firms. Upstream takes a cloud based automotive cybersecurity approach using data analytics and machine learning algorithms. The company was established in 2017 and has received a total of $41 million in funding.
New Software Market with Exponential Growth
The market demand for software to protect against automotive cyberattacks is expected to reach $2.3 billion by 2025. The exponential growth is being driven by the fact that the more connectivity included in vehicles, the more vulnerable they are to hackers. Cyber carjacking has been an issue since 2015 when Wired magazine reported on researchers hacking a Jeep Cherokee vehicle while it was being driven. The objective now, including by Upstream Security is to develop software that provides the strongest possible security to protect connected cars from hackers.