
The Future of Connected Cars: Insights from EY Executives
The landscape of automotive technology is rapidly evolving, particularly with the emergence of connected cars that promise to enhance convenience and safety for users. However, with these advancements also comes a need to navigate the associated risks. In a recent podcast exploring these themes, executives from Ernst & Young (EY) discussed actionable strategies for dealerships and automotive businesses to embrace the future of connected vehicles while managing their inherent risks.
Understanding the Risks of Connected Technology
Connected vehicles are equipped with advanced technology that allows them to communicate with infrastructure and other devices. However, as highlighted by Dean Phillips, managing director at EY, the integration of this technology opens the door to new vulnerabilities, such as cybersecurity threats and data privacy concerns. The podcast emphasizes the importance of understanding these risks to ensure both dealer success and customer trust.
Cybersecurity Measures to Mitigate Risks
One significant concern raised during the podcast focused on the potential for cyber attacks. With the automotive industry's shift towards more software-integrated solutions, experts believe dealerships must prioritize cybersecurity as a critical component of their operational strategy. Gaurav Jani from EY points out that an increase in API attacks signifies a growing threat landscape, making security protocols not just advisable but essential.
Practical Insights for Dealerships
Addressing the complexities of connected cars, David Grossman, executive director of financial services risk consulting at EY, provided practical insights for dealership owners and general managers. He highlighted the value of collaboration across all segments of the automotive supply chain to develop a robust cybersecurity framework. This holistic approach helps build resilience against potential threats while maintaining customer confidence in automotive technological advancements.
Preparing for the Future
The conversation around connected cars is critical not only for understanding current trends but also for preparing for the future. As automotive technology continues to evolve, dealerships need to stay ahead by adopting a proactive stance on risk management. This includes investing in training for staff on the safe usage of new technologies and reassuring customers about data security.
Final Thoughts
The dialogue presented in this podcast offers a clear view of the exciting yet complex landscape surrounding connected cars. By focusing on managing risks through collaborative and informed strategies, dealerships can enhance their resilience and position themselves as trusted leaders in the evolving automotive market.
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