Nationwide said it has invested in Upstream Security, an InsurTech focused on providing cybersecurity for connected vehicles.
Upstream’s cash infusion will it enable OEM car manufacturers and fleets to detect, monitor and respond to cyber attacks, targeting any part of the connected vehicle framework, including vehicles already on the road, Nationwide said.
Nationwide decline to disclose investment details, other than noting the financing comes out if its $100 million venture capital fund.
“As technology in vehicles becomes even more sophisticated, security is a critical building block and Upstream’s [product] focuses on protecting our members in the evolving mobility ecosystem,” Erik Ross, leader of Nationwide’s venture capital team, said in prepared remarks.
Added Tony Fenton, Nationwide’s vice president of Commercial Underwriting and New Product Development: “As mobility continues to evolve with technology, it will be important for carriers and vehicle manufacturers to keep up with customer protection needs.”
Upstream Security bills its technology as the first cybersecurity product of its kind designed specifically to protect connected vehicles from cyber threats or misuse at rest and in motion. The platform is cloud-based and uses automotive data to bring cybersecurity insights that assist with vehicle security and safety.
Nationwide has pursued technology investments and partnerships in recent months with companies including Snapsheet, Vestwell, Socotra, Betterview, Insurify, Next Insurance, Matic and Sure.