Munich Re’s HSB unveils cyber insurance coverage for autos

Seeing cars and trucks as likely targets for hackers and cyber thieves, specialty insurer HSB has introduced Cyber for Auto, a new coverage aimed at helping consumers respond to new exposures.

According to HSB, passenger vehicles built after 2020, and many older models, have sensors, computers, and other connected technology, meaning there is a potential risk of cyber-attack.

“When drivers connect their smartphones with cars, pickups, and SUVs, they could expose their personal data and connected technology to hackers and other cyber criminals, leaving them vulnerable to cyber-attacks, online extortion, and identity theft,” the firm explained.

HSB Cyber for Auto is thus designed to cover attacks on personal data that is connected and stored in a vehicle.

HSB noted that core coverages can include cyber-attacks, including malware and viruses, and ransomware demands to release information or threats to make confidential data public.

“Identity recovery coverage and services are not limited to information stored in the vehicle but can apply anytime personally identifying information has been compromised. Additional benefits can include payment for towing, labour, and temporary transportation charges while affected auto systems are restored,” the firm added.

James Hajjar, chief product and risk officer for the Treaty Division of HSB, part of Munich Re, commented on the new coverage, “Automakers continue to integrate new technologies into today’s vehicles.

“With each added system or connection, there are new vulnerabilities that hackers and other cybercriminals can exploit. Cyber for Auto helps insurers and their customers stay ahead of these new cyber exposures.”

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