[Click eStock] "Autocrypt: Car Hacking Leads to Human Casualties... Essential for Global Automakers"

On June 2, independent research firm ValueFinder analyzed that the reason global automakers cannot avoid seeking solutions like Autocrypt is because, as depicted in movies, "car hacking" can directly lead to human casualties.

Autocrypt, established in 2019, is a company specializing in automotive cybersecurity software and is set to be listed on KOSDAQ through a technology special listing this month. Its main solutions are IVS (In-Vehicle System) security solutions, which protect internal vehicle systems, and V2X (Vehicle-to-Everything) security solutions, which protect external automotive networks. The company supplies these solutions to domestic and international automakers, parts manufacturers, and infrastructure companies, recognizing solution and service revenue at the system deployment stage and collecting royalties as income when vehicles equipped with its security solutions enter mass production.

Autocrypt is capable of carrying out all five stages of automotive cybersecurity with OEMs and parts suppliers: design, development, testing, validation, and final mass production. Through this, it has established business revenue models for integrated security implementation, security solution supply, and testing/TS (Technical Service) solutions. Starting this year, with a cumulative total of six royalty contracts, both its sales and profitability are expected to improve simultaneously.

Lee Choongheon, a researcher at ValueFinder, stated, "While the global scale of cyberattack damages continues to rise, the greatest risk for automakers is 'recall,' and the primary cause of these recalls is security issues. As already shown in movies, 'car hacking' is one of the most critical markets because it can directly result in human casualties."

He added, "At Autocrypt, the key management consists of experts with over 20 years of industry experience, and as of March this year, 74% of all employees are research personnel. The company already holds more than 100 domestic and international security-related patents, creating a high technological entry barrier. The in-house hacking team led by Dr. Song Jonghyuk took first place in the 2021 automotive hacking competition hosted by the Ministry of Science and ICT, so the gap with latecomers will not be easily narrowed."