"EVs Rev up Cybersecurity Challenges"
Even though the Biden administration recently reaffirmed its commitment to Electric Vehicles (EVs), concerns remain about the ability of charging infrastructure and vehicles to withstand a cyberattack. If charging stations are designated as critical infrastructure, the challenge will become significantly more difficult, especially when states add them to public property. Many state and local governments have cybersecurity insurance to cover some of the financial costs of an attack on their Information Technology (IT) systems, but insurance for EVs and charging stations is new territory. Recent research from the IBM Institute for Business Value discussed these emerging cybersecurity risks and their insurance implications. According to IBM's report, "software-heavy" EVs and charging stations are constantly communicating with other vehicles and the world around them, and while software updates may be sent quickly to address security flaws, the enormous attack surface catches cybercriminals' attention. The effects are also affecting the insurance industry, which is struggling to assess an unfamiliar set of risks and losses. Mike Hamilton, CISO of Critical Insight, agreed that the absence of precedent is concerning for the future of insurance. Hamilton emphasized the difficulty of determining how to price this insurance based on risk. This article continues to discuss EV owners, charging stations, and fleet managers being vulnerable to hackers without a meaningful way to secure and insure the EV infrastructure.