California based electric vehicles designer and producer, Tesla Motors Inc (NASDAQ:TSLA)
, has made major security upgrades after a Tesla Model S EV was hacked by a Chinese firm. Researchers at Tencent were able to hack a Model S EV, taking control of certain components of the car.
An article published on Wired on the 27/09/2016 explains what it takes to hack a vehicle, and what the hackers were able to control on the Tesla Model S. It reads “Hacking any system as complex as a car requires digging up not just one vulnerability but a series of exploitable bugs that create a path through the target’s maze of defenses. So when researchers at the Chinese firm Tencent revealed they could burrow through the Wifi connection of a Tesla S all the way to its driving systems and remotely activate the moving vehicle’s brakes, they exposed a chain of security problems.”
Tesla Motors Inc (TSLA) Makes Substantial Security Upgrades
Tesla Motors Inc (NASDAQ:TSLA) has announced that they have made a range of upgrades, improving the overall security of their automobiles, making them much harder to compromise and hack. The car maker recently introduced a code signing security system, issuing it via a wireless software update to all Model S & Model X EVs.
JB Straubel, Chief Technical Officer at Tesla, has commented on the new security upgrades, explaining the benefits of the specific technical upgrades.
Tesla Motors Inc’s Stock Down By More Than 1.50%
As of 12:14 EST (27/09/2016), a share in Tesla Motors Inc (NASDAQ:TSLA) is trading at $205.70, down by 1.57% or $3.29 so far today. The company currently has a market cap of $30.72 billion, putting on par with many other, larger car manufacturers.
The value of Tesla has divided opinions, with many analysts suggesting that the corporation’s current market cap is highly overvalued, and based on a dream, while others have implied that it has huge potential for further growth.