- HSB Commercial Cyber for Auto covers damage to systems and data when work vehicles are hacked
- Key protection pays for lost business income from vehicle cyberattacks
- Additional coverage includes towing, transportation, and loss of use
Cyberattacks on Vehicles are a Serious Threat
HARTFORD, Conn.--(BUSINESS WIRE)--#CommercialInsurance--HSB today announced a new cyber insurance coverage that protects internet-connected commercial vehicles from hackers and pays for lost business income resulting from cyberattacks.
HSB Commercial Cyber for Auto also covers cyber extortion, identity theft, and includes alternative transportation when targeted work vehicles can’t be operated.
“Cyberattacks on commercial vehicles are a real and growing threat,” said Eric Hendricksen, commercial cyber practice lead for HSB, part of Munich Re Group. “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.”
Comprehensive Protection for Commercial Fleets
HSB Commercial Cyber for Auto is designed to help small and medium-sized businesses recover from disruptions caused by auto-related cyberattacks.
Coverage for commercial vehicles includes:
- Cyberattacks, including damage to the vehicle’s systems, devices, or data from a malware attack.
- Cyber extortion demands for money or cryptocurrency to ransom content or access to vehicles.
- Business income loss and additional expenses when operations are interrupted due to an auto cyberattack or extortion.
HSB Commercial Cyber for Auto also can pay for transportation costs, including towing, labor, and loss of use of vehicles, while cybersecurity services provide online resources to help stop cyberattacks.
Should an attack occur, HSB Commercial Cyber for Auto includes the cost to improve or upgrade hardware and software to help prevent future cyber incidents.
Cyber for Auto Insurance Fills a Coverage Gap
HSB Commercial Cyber for Auto fills a coverage gap for smaller businesses, which may not realize that many commercial insurance policies or vehicle warranties don’t protect them from a cyberattack on their vehicles.
The coverage is added to the business policies of insurers that partner with HSB to help their customers protect their commercial fleets and keep up with cybercriminals.
Visit HSB’s website for more information about HSB Commercial Cyber for Auto insurance coverage.
Hartford Steam Boiler (HSB)
HSB, part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management, and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability, and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 159-year history, HSB’s mission has been to help clients prevent loss, advance sustainable use of energy, and build deeper relationships that benefit business, public institutions, and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn.
Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. Munich Re leverages its strengths to promote its clients’ business interests and technological progress. Moreover, Munich Re develops covers for new risks such as rocket launches, renewable energies, cyber risks and artificial intelligence. In the 2024 financial year, Munich Re generated insurance revenue of €60.8bn and a net result of €5.7bn. The Munich Re Group employed about 44,000 people worldwide as of 31 December 2024.
Contacts
Dennis Milewski
Phone: +1 (860) 722-5567
Mobile: +1 (860) 534-0623
Email: DMilewski@munichre.com