Electric vehicles and their infrastructure will create new complexity for insurers. What if a hacker creates a massive car crash? Or a grid is taken down by malware originating in an EV being charged?
“In a bid to get the issue under control, insurance companies and EV manufacturers could standardize best practices as a way to assess their cyber risk, said Loney Crist, senior vice president of cybersecurity software development at technology company IPKeys Cyber Partners.
That includes making sure that cars are fully current on their necessary software patches and updates, something that could be tracked in the same way that insurance companies use telematic devices to make sure a policyholder is a safe driver.”
The report also notes that many government agencies now trying to convert their fleets from internal combustion to EVs appear clueless about the new risks cyber poses and its potential impact on their self-insurance programs.
Without a meaningful way to secure and insure the electric-vehicle infrastructure, EV owners, charging stations and fleet managers are vulnerable to hackers.
Source: EVs rev up cybersecurity challenges