Microchip Earns Certification in ISO/SAE 21434 Road Vehicle—Cybersecurity Engineering Standard from UL Solutions
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The certification of Microchip Technology's corporate processes by UL Solutions to the ISO/SAE 21434 standard underscores the increasing importance of cybersecurity in the automotive industry. As vehicles become more connected and reliant on electronic systems, the potential for cyber threats grows. This certification indicates that Microchip Technology has established a comprehensive cybersecurity management system that covers all aspects of automotive product development, from initial design to decommissioning.
The ISO/SAE 21434 standard is a rigorous framework that ensures organizations address cybersecurity risks systematically throughout the product lifecycle. By complying with this standard, Microchip Technology not only strengthens its own security posture but also supports its customers, mainly Tier 1 suppliers and OEMs, by simplifying the compliance process. This is critical because it reduces the time and resources these companies need to invest in reviewing and ensuring compliance, thus accelerating the time-to-market for secure automotive products.
The move by Microchip Technology to secure ISO/SAE 21434 certification may have a positive impact on its business relationships within the automotive sector. By proactively addressing cybersecurity risks and streamlining the compliance process for its customers, Microchip is positioning itself as a leader in automotive cybersecurity solutions. This can be a significant competitive advantage as OEMs and Tier 1 suppliers increasingly prioritize security in their product selection criteria.
Additionally, the certification could potentially lead to an increase in market share for Microchip's security products, as trust in their processes and the resulting products is bolstered. It is important to note that as cybersecurity becomes a critical factor in the automotive industry, companies that can demonstrate a strong commitment to security may also see a positive impact on their stock performance, as investors often look favorably upon companies that mitigate risks in emerging and vital areas of technology.
From a risk management perspective, Microchip Technology's adherence to the ISO/SAE 21434 standard represents a proactive approach to mitigating cybersecurity risks in the automotive sector. The Threat Analysis and Risk Assessment (TARA) methodology, which is incorporated into the product lifecycle, is particularly noteworthy. It enables the identification and assessment of potential cyber threats early in the development process, allowing for the implementation of appropriate security measures.
For stakeholders, such as investors and partners, this certification provides assurance that Microchip is dedicated to managing cybersecurity risks effectively. This could lead to increased investor confidence and potentially lower the cost of capital for the company, as the risks associated with cyber threats are perceived to be better managed. In the long term, this strategic focus on cybersecurity can help preserve the company's reputation and protect against the financial and legal repercussions of potential cyber incidents.
Designing with certified security products can help Tier 1s and OEMs prove cybersecurity risk management compliance
CHANDLER, Ariz., Feb. 08, 2024 (GLOBE NEWSWIRE) -- As everything from infotainment to engine systems in the automotive industry becomes more dependent on wireless and in-vehicle network connectivity, the need for robust cybersecurity measures has increased. The ISO/SAE 21434 standard has emerged to set requirements for road vehicle cybersecurity risk management processes. These cybersecurity requirements help regulate automotive products across the complete product lifecycle—from concept through design, production, maintenance and decommissioning. Adhering to these standards, Microchip Technology’s (Nasdaq: MCHP) corporate processes associated with specific automotive work products have recently been audited by a third party, UL Solutions, and certified as compliant to ISO/SAE 21434.
Developed by the International Organization for Standardization (ISO) in conjunction with the Society of Automobile Engineers (SAE) International, the ISO/SAE 21434 standard was developed to help organizations define cybersecurity policies and manage risk. It is a demanding specification with 45 security categories, known as work products, each of which specifies a unique set of requirements that encompass all aspects of designing electrical and electronic systems for road vehicles, from ICs and software to firmware and libraries.
The ISO/SAE 21434 designation also confirms that a certified corporate cybersecurity management system is in place. This verifies that cybersecurity is a priority focus at the organization, from executive leadership to all organizational disciplines including the design, test, product, applications, marketing, quality, verification and validation teams. Stakeholders involved in the product lifecycle are required to complete cybersecurity training and meet designated qualifications. A Threat Analysis and Risk Assessment (TARA) methodology is also incorporated at multiple stages of the product lifecycle when devices will be integrated into automotive cybersecurity-related platforms.
“Security is a core pillar at Microchip and the ISO/SAE 21434 certification is proof of our dedication to maintaining high standards in automotive cybersecurity,” said Matthias Kaestner, corporate vice president of Microchip's automotive business. “Our customers can be confident that Microchip is a trusted security advisor with the appropriate expertise to guide them through their automotive cybersecurity design journey.”
While each OEM is responsible for proving compliance at the vehicle level, ISO/SAE 21434 encourages all companies in the production ecosystem to play a role in proactively helping manage cybersecurity threats. Customers utilizing electronic control units that incorporate Microchip’s security products, designed within the ISO/SAE 21434 certified process framework, can be relieved of the arduous task of reviewing thousands of pages of process documentation to determine compliance. This reduces the burden placed on Tier-1s and OEMs to prove they have a strong foundation in security.
To learn more about Microchip’s ISO/SAE 21434 certification and automotive products, visit the automotive security page on the Microchip website.
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About Microchip Technology:
Microchip Technology Inc. is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs which reduce risk while lowering total system cost and time to market. The company’s solutions serve approximately 125,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.
Note: The Microchip name and logo, the Microchip logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.
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