Cyber Insurance Coverage – Is a hacker riding shotgun in your company’s vehicles?

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Cyber Insurance Coverage – Is a hacker riding shotgun in your company’s vehicles?

Today’s cars can stream music, place phone calls, navigate and much more. Essentially, they are smartphones on wheels. Just like smartphones, they can be hacked.

“Software operating today’s vehicles easily have more than 100 million lines of code — more than a modern fighter jet, airliner or typical operating system such as Windows,” according to Connected World Magazine. “Because of all this code, it’s virtually impossible to prevent a hack.”

Following are just a few threats from hackers:

  • Vehicular infotainment systems providing navigation tools, hands-free calls and texting, and a host of entertainment options also store hackable personal information.
  • Personal data such as contacts synced with your phone may be stored within vehicle infotainment systems. This carries the same risk as with any other device carrying personal data.
  • Vehicular subscription services– like streaming music or traffic updates – also may be susceptible to hack attacks. Credit card or bank information stored with the service could be compromised the same way consumers’ data have been compromised during data breaches at Target, Home Depot and other retailers.
  • GPS can track your location, where you stop on certain days of the week and even where you live. Hackers can then exploit your private information.

If your company has a fleet of vehicles or if employees use their own vehicles while on company business, please contact a KMRD Partners relationship manager to confirm you have proper cyber coverage.

KMRD reduces the overall cost of risk by producing a greater value for each commercial insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution.

We are dedicated to the mitigation of risk, safety and loss control and claims advocacy, while 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 insurance coverage contact us at before one minute from normal strikes.

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