HSB Cyber Survey Finds Electric Vehicles Drive Data Security Fears

• Small Businesses are adding electric service vehicles
• Poll shows 15 percent operate electric cars and trucks
• 76 percent worry EV charging stations could be hacked

Small business owners are adding electric vehicles to their service fleets, a survey released today by HSB reports, but they worry about cyber security when connecting them to public charging stations.

The HSB poll conducted by Zogby Analytics found 15 percent of small and medium-size businesses had leased or purchased electric vehicles (EVs) for commercial use.

Three-quarters (76 percent) of those business owners and managers were concerned EV charging stations could be a target for hackers, ransomware, and other cyber-attacks.

“The technology is advancing swiftly and there is a growing need to focus on the cyber security of electric vehicles,” said Timothy Zeilman, vice president for HSB, part of Munich Re. “With the rush to make the switch to electric cars and trucks, owners and the EV industry should step up their efforts to protect vehicles and charging infrastructure from cyber-attacks.”

The plug-in electric chargers communicate with vehicles through an internet connection and security experts warn the systems could be hacked.

These potential threats add to the concerns of small business owners, who already worried about the cyber security of their commercial vehicles.

The HSB survey found almost half (46 percent) were somewhat or very concerned about the cyber exposures and safety of internet connected and automated vehicles.

When asked about their own experience, 13 percent of the business owners and managers said that at some point, a computer virus, hacking incident, or other cyber-attack had damaged or otherwise affected their commercial vehicles.

Overall, 44 percent of those responding to the poll said they fear that malware, or another cyber-attack will damage or destroy their vehicles’ data, software, or operating systems.

Most of them (56 percent) are somewhat or very concerned their vehicles could be immobilized or made inoperable, their safety compromised (54 percent), and that a hacker could communicate and confront them over their audio system (43 percent).

Survey Methodology - Zogby Analytics surveyed 504 decision makers at small and medium-size businesses for HSB on their attitudes and experiences about cyber security and habits. Most businesses were in business and consulting services, retail, infrastructure and construction, and healthcare. The results were reported in September 2021. Based on a confidence level of 95 percent, the margin for error is plus or minus 4.4 percentage points. This means that all other things being equal, the identical survey would have results within the margin of error 95 times out of 100.

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 150-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). Connect with HSB on LinkedIn, Twitter and Facebook.

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 capital investment 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. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to the 2019 Pacific typhoon season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.

Zogby Analytics is an international research firm, providing clients with information and knowledge critical for making informed strategic decisions since 1984. The firm conducts multi-phased opinion research with state-of-the-art opinion research capabilities and objective analysis and consultation for banking and financial services institutions, insurance companies, hospitals and medical centers, retailers and developers, religious institutions, cultural organizations, colleges and universities, IT companies and federal agencies.

Hartford, Connecticut, March 2, 2022

The Hartford Steam Boiler Inspection and Insurance Company
One State Street
P.O. Box 5024
Hartford, Connecticut 06102-5024
United States

www.hsb.com