Automakers around the globe are creating more and more connected vehicles. While this technology presents exciting new ways to help drivers, it also creates inherent cybersecurity risks.
Those risks have made headlines multiple times in the past 18 months culminating with consumer groups identifying connected vehicles as a potential national security threat.
Nationwide’s venture capital team has invested in Upstream Security, a provider of cybersecurity for connected vehicles. The investment is designed to help Upstream enable OEM car manufacturers and fleets to detect, monitor and respond to attacks, targeting any part of the connected vehicle framework – even for vehicles already on the road.
“Nationwide understands that the safety and security of connected vehicles go hand-in-hand,” said Erik Ross, leader of Nationwide’s venture capital team. “As technology in vehicles becomes even more sophisticated, security is a critical building block and Upstream’s solution focuses on protecting our members in the evolving mobility ecosystem.”
“As mobility continues to evolve with technology, it will be important for carriers and vehicle manufactures to keep up with customer protection needs,” said Tony Fenton Nationwide’s vice-president of Commercial Underwriting and New Product Development.
Earlier this year, a report published by Upstream Security outlining the automotive threat landscape spanning the past decade demonstrated that multiple stakeholders ranging from OEM vehicle manufacturers to commercial and public sector fleets have been targeted. In many cases attacks were executed indirectly via connected services and applications and from long distance.
“We are thrilled to have Nationwide support our vision of transforming automotive cybersecurity in the rapidly evolving smart mobility market,” said Yoav Levy, Upstream CEO and co-founder. “It’s exciting for us to partner with a company that’s been instrumental in providing the insurance needs of millions of vehicle consumers and we clearly share a similar vision: to ensure our connected vehicle future is safe and secure.”
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