Hartford Steam Boiler (HSB), a unit of Munich Re, has rolled out a new insurance product targeting cyber risks for commercial vehicles that use internet-connected technology.
The coverage, named HSB Commercial Cyber for Auto, is structured to help small and medium-sized businesses (SMEs) deal with disruptions from vehicle-focused cyber incidents.
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The policy addresses scenarios such as malware attacks that compromise vehicle systems or data and responds to cyber extortion demands, whether payment is requested in money or cryptocurrency.
Businesses can also claim for loss of income and additional operational expenses if a cyber event or extortion disrupts their work.
Furthermore, the policy covers costs related to alternative transportation when commercial vehicles are disabled by an attack, including expenses for towing, labour and loss of use.
It also provides access to cybersecurity resources designed to counter threats.
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By GlobalDataShould a breach take place, the insurance will pay for improvements or upgrades to vehicle hardware and software to help avert future incidents.
HSB highlighted that many existing commercial insurance policies and vehicle warranties do not extend to cyberattacks affecting vehicles, potentially leaving smaller companies exposed to risk.
This new coverage is available as an addition to business insurance policies provided through HSB’s partners.
HSB commercial cyber practice lead Eric Hendricksen said: “Cyberattacks on commercial vehicles are a real and growing threat. With millions of connected commercial cars and trucks on the road, cybercriminals could hack into apps and automobile connections. Business owners need to get ahead of this emerging risk to data security, operations and vehicle safety.”
HSB is a multi-line specialty insurer providing services such as inspection, risk management and Internet of Things technology solutions. It offers equipment breakdown, cyber risk and specialty liability coverages.
Last year, the company partnered with Flume to make home water leak detection technology available to its insurance partners, enabling them to offer the solution directly to homeowners.
