In response to the dynamic landscape of cyber threats facing personal automobiles and trucks, specialty insurer HSB has unveiled a new coverage solution tailored to safeguard against cyberattacks targeting vehicles.
With the proliferation of connected vehicles traversing US roads, the necessity for comprehensive coverage has never been more apparent. As hackers and cyber adversaries set their sights on an increasing number of connected automobiles, HSB’s Cyber for Auto emerges as a proactive measure to mitigate these evolving risks.
The integration of sophisticated technology within vehicles, spanning from sensors to intricate computer systems, has inadvertently paved the way for cybercriminals to exploit vulnerabilities. HSB underscores the risks associated with the seamless synchronization of smartphones with vehicles, a feature aimed at enhancing user convenience but simultaneously heightening concerns regarding data security. This interconnectedness potentially exposes sensitive information to unauthorized access and misuse, posing a significant threat to vehicle owners’ privacy and security.
While instances of hacking incidents targeting vehicles remain relatively uncommon, the anticipation of a surge in cyber threats looms large. HSB’s latest research underscores a palpable concern among consumers, with a staggering 72% having linked their smartphones to their vehicles and 60% storing personal data within their vehicle’s computer systems. Notably, a substantial portion of respondents, particularly those owning plug-in electric vehicles, express apprehension regarding the safety of their personal information in light of emerging cyber risks.
James Hajjar, Chief Product and Risk Officer for HSB’s treaty division, voiced apprehension regarding the accelerating integration of new technologies into modern vehicles, highlighting the imperative for proactive measures to fortify cybersecurity defenses.
Looking ahead, HSB aims to offer Cyber for Auto as an optional addition to the insurance policies offered by collaborating insurance companies, further extending the reach of this innovative coverage solution to protect vehicle owners against cyber threats.
