LG MAGNA ACQUIRES CYBER SECURITY MANAGEMENT SYSTEM CERTIFICATION

LG MAGNA ACQUIRES CYBER SECURITY MANAGEMENT

SYSTEM CERTIFICATION

Verification from Leading Certification Organisation Confirms Company’s
Commitment to Protecting its Vehicle Components Against Evolving Cyber Threats

SINGAPORE, Mar. 26, 2024 — LG Magna e-Powertrain (LG Magna), the joint venture of LG Electronics and Magna International, announces it has received Cyber Security Management System (CSMS, ISO/SAE 21434:2021) certification from global certification organisation, TÜV Rheinland. The certification indicates LG Magna is in full compliance with relevant vehicle cybersecurity regulations and requirements and has implemented a comprehensive security system covering component design, development, post-development cybersecurity activity and management.

An area of growing importance, automotive cybersecurity is set to take centre stage in the mobility sector when WP.29 UNECE R155 cybersecurity regulations come into effect. From July 2024, all vehicles produced by automotive OEMs must meet the newly established suite of cybersecurity management regulation to obtain type approval, which is a prerequisite for selling vehicles in 56 countries, including EU member states, the UK, Japan, and South Korea.

Countries that have adopted the regulation require automakers to prepare all components and systems for cybersecurity threats throughout the entirety of their vehicles’ lifecycles. ISO/SAE 21434, an international standard related to vehicle cybersecurity, defines the processes for establishing and maintaining cybersecurity, from the planning and development stage through to vehicle manufacturing, maintenance, and disposal.

LG Magna is setting up a robust cybersecurity framework to ensure it can meet the increasing demand from global automakers for advanced, highly secure vehicle components. The company has created an exhaustive cybersecurity process that is applied, and systematically updated, across the life of each product. The process includes identifying and assessing product security threats, and developing appropriate response strategies in line with ISO/SAE 21434 requirements. Additionally, risk monitoring systems and processes for swift issue remediation have been put in place.

A respected innovation partner, LG continues to expand its presence in the global automotive components and solution market. The Vehicle component Solutions (VS) Company is acknowledged for its capabilities in in-vehicle infotainment (IVI) systems, LG Magna boasts strength in electric vehicle powertrains, while ZKW is a leader in advanced vehicle lighting systems. Established in 2021, LG Magna has further solidified its position as a trusted vehicle components supplier by securing CSMS certification.

“With vehicle cyberattacks on the rise, the demand from automakers for component solutions that ensure robust cybersecurity is growing at a rapid pace,” said LG Magna CEO, Cheong Won-suk. “As a major global vehicle parts supplier, LG Magna aims to proactively address any security vulnerabilities and continuously strengthen its systems and processes.”

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About LG Electronics Inc.

LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 80 trillion in 2022. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, service robots, automotive components and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.

About LG Electronics Vehicle Component Solutions Company

The LG Vehicle component Solutions Company is bringing human-centric innovations to the auto industry. Having secured its position as a trusted and innovative partner, the company continues to provide intelligent and environmentally responsible solutions including in-vehicle infotainment, connectivity, and automotive vision systems. As an ‘Innovation Partner for Future Mobility’, LG is committed to diversifying its portfolio to further strengthened its capabilities with acquisitions including automotive lighting systems provider, ZKW Group, and vehicle cybersecurity company Cybellum, as well as the joint venture, LG Magna e-Powertrain. For more news on LG, visit www.LG.com/global/mobility.

About LG Magna e-Powertrain

LG Magna e-Powertrain launched in July 2021 as a joint venture between LG Electronics and Magna. We are driven by the strong synergy created by combining LG’s capability in EV component and Magna’s experience in traditional automotive business. Based on the technologies and manufacturing competitiveness on key components of EV powertrain ─ motors, inverters, converters, IPGM, and more ─ we are growing into a top e-mobility solutions partner leading the rapidly changing EV component market. More than 1,900 LG Magna employees in Korea, North America, Europe, South America, and Asia are working organically throughout technology innovation, marketing, R&D, purchasing, and manufacturing.

For more information, please visit www.lgmagna.com and follow us on LinkedIn “LG Magna e-Powertrain”.

About LG Electronics Singapore Pte Ltd

LG Electronics Singapore Pte Ltd (LG Electronics Singapore) is a fully-owned subsidiary of LG Electronics Inc., the pioneer and market leader of the Korean electronics industry. LG Electronics Singapore operates three business units – Home Entertainment, Mobile Communications and Home Appliance & Air Solution. In recognition of its vision to enrich people’s life with smart technologies and innovative design, LG Electronics Singapore has been recognized with prominent local and international accolades, such as the CNET Asia Editor’s and Readers' Choice Awards, HWM+HardwareZone.com Tech Awards, Red Dot Design, and GfK No. 1 Awards. For more information, please visit www.lg.com/sg.

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