HSB, a specialty insurer, has introduced Cyber for Auto, a new insurance product aimed at protecting vehicle owners from cyber threats. With the increasing integration of technology in automobiles, such as sensors and connected systems, the risk of cyber-attacks rises. Cyber for Auto is designed to safeguard personal data stored in vehicles and connected to cloud-based and wireless networks.
Opportunities and threats facing financial services providers in the mobility revolution
James Hajjar, Chief Product and Risk Officer at HSB, highlights the evolving vulnerabilities associated with vehicle technology. He emphasizes the need for proactive measures to mitigate cyber exposures in the automotive sector.
The insurance coverage addresses concerns over potential cyber-attacks, ransomware, and identity theft targeting vehicle systems. It provides reassurance to drivers by offering comprehensive protection against malware, viruses, and ransomware demands. Additionally, identity recovery services extend beyond vehicle data, covering compromised personally identifying information.
A recent survey by HSB revealed significant consumer apprehension regarding vehicle cyber security. Despite the relatively low occurrence of hacking incidents, many drivers are wary of potential threats to their personal information. Notably, owners of plug-in electric vehicles exhibit heightened concern, reflecting the growing reliance on technology in modern vehicles.
HSB's Cyber for Auto fills a crucial gap in insurance coverage, offering peace of mind to vehicle owners amidst the evolving cyber landscape. The product will be accessible through insurance companies partnering with HSB, providing drivers with convenient access to enhanced cyber protection.
