Munich Re company announces plans to offer cyber insurance for autos

By Teresa Moss
But 28 March 2024
Announcements Insurance technology

HSB, a Munich Re specialized insurerrecently announced that it plans to sell insurance that will cover consumers involved in auto-related cyber attacks, According to the company's press release issued on Tuesday,

“Automakers are continuing to integrate new technologies into today's vehicles,” James Hajjar, chief product and risk officer for HSB Treaty Division, said in the release. “With each added system or connection, there are new vulnerabilities that hackers and other cyber criminals can exploit. “Cyber for Auto helps insurers and their customers stay ahead of these new cyber risks.”

The release said the insurance has not been approved by any state department. If approved, consumers will be able to obtain insurance through insurance companies that partner with HSB, the release said.

“Cyber for Auto” will cover cyber attacks including malware and viruses, ransomware demands or threats.

“Identity recovery coverage and services are not limited to information stored in the vehicle, but may apply any time personally identifiable information is compromised,” the release said. “Additional benefits may include payment for towing, labor and temporary transportation charges when the affected auto system is restored.”

A Mozilla report released in September Reviewed the privacy policies of 25 car brands and found that they all failed to meet minimum privacy and security standards.

According to Mozilla research, popular global brands – including Mercedes-Benz, Nissan, BMW, Ford, Toyota, Tesla, Kia and Subaru – collect deeply personal data such as sexual activity, immigration status, ethnicity, facial expressions, weight, health, can do. And genetic information, and where you drive.

Mozilla's report drew reactions from some automakers, including BMW A news release dated September 14 said Customers are provided with comprehensive data privacy notices informing them about the collection of their personal information, which allows drivers “to make detailed choices regarding the collection and processing of their personal information.”

And amid growing concerns over personally identifiable information (PII) and data privacy from devices to vehicles, Porsche shared It has added a privacy center to its My Porsche portal.

data from one Automotive Coalition for Traffic Safety The survey found that many individuals value advanced vehicle safety technologies, but have concerns about privacy risks, accuracy of the technology, cost, and data transfer to third parties. Respondents also said they generally trust the data practices of car manufacturers more than those of online companies and the government. However, they are concerned about vehicle systems that collect information about riders' behavior.