Volkswagen establishes a Cyber Security joint venture

Germany: Volkswagen, a German based automotive company, is all set to establish a new entity called CyMotive Technologies intended to protect the next generation of cars.

The automaker will own a 40% stake of CyMotive Technologies. Furthermore, Yuval Diskin will serve as the chairman of CyMotive.

Volkswagen aims at introducing cyber security solutions in the automotive industry to tackle the challenges in nearing future. Solutions such as vehicle-to-x communication which will help to provide precise traffic knowledge & improve road safety along with protecting the cars from being hacked remotely & general security of the user.

TechSci Research depicts that the initiatives of the companies like VW, in context to the safety of the car users will aid in the acceleration of the overall intelligent transportation system. Moreover, help the automaker get an edge over its competitors.

According to the recently published report by TechSci Research “Global Cyber Security Market By Security Type (Network Security, Content Security, etc.), By Solutions (Identity & Access Management, Risk & Compliance Management, etc.), By End Use Industry, By Region, Competition Forecast and Opportunities, 2011-2021”, global market for cyber security is projected to surpass US$ 137 billion by 2021. Growing trend of Bring Your Own Device (BYOD), rising adoption of cloud computing, expanding market for Internet of Things (IoT) are expected to continue driving the cyber security market across the globe over the next five years. Though the global cyber security market is highly fragmented, Symantec Corporation emerged as the largest player in 2015, followed by BAE Systems PLC, Intel Corporation and Cisco Systems. Banking, Financial Services and Insurance (BFSI); IT & Telecom; defense; energy & power; retail; and healthcare have emerged as the key application areas where cyber security solutions are being increasingly adopted.