Auto Insurance Coverage – Can your vehicle be hacked?
Auto Insurance Coverage – Can your vehicle be hacked?
At our website www.oneminutefromnormal.com we ask visitors the question: What if an unscheduled event suddenly seizes control of your business? Are you ready?
In February, we reported researchers had warned technology supporting driverless vehicles could be hacked by criminals to override safety features. The Guardian reported FBI concerns that terrorists might try to hack into and hijack cars for use as weapons.
Not even one half year later, Fiat Chrysler Automobiles NV (“FCA US LLC”) recalled about 1.4 million vehicles equipped with radios due to vulnerability to hacking. On Friday, Mark Rosekind, who heads the National Highway Traffic Safety Administration (“NHTSA”), stated the recall could extend to vehicles manufactured by additional automakers.
The announcement by FCA US LLC, followed reports that cybersecurity researchers had used a wireless connection to turn off a Jeep Cherokee’s engine as it drove, increasing concerns about the safety of Internet-enabled vehicles.
The researchers accessed Fiat Chrysler’s telematics system to hack into a volunteer’s Cherokee being driven on the highway and issue commands to the engine, steering and brakes.
While this represented the first formal safety campaign in response to a cybersecurity threat involving a motor vehicle, it is surely not the last. The NHTSA is currently collecting information about potential issues involving GM’s OnStar.
Does your firm have adequate auto insurance coverage? Does your firm have adequate cyber insurance coverage? Which type of coverage would apply if your vehicle is hacked? Contact your KMRD Partners relationship manager to review your organization’s auto and cyber coverages before one minute from normal strikes.
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
We are dedicated to anticipating risk and helping firms recover from unplanned events that wait on the other side of one minute from normal.
To identify and correct coverage and service gaps in your business insurance risk profile contact us at contactus@kmrdpartners.com before one minute from normal strikes.
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