(Bloomberg) -- Cybersecurity is the biggest concern for companies evaluating risk in the nascent self-driving vehicle industry, according to a survey conducted by Munich Re.
The world’s second-biggest reinsurer found that 55% of corporate risk managers surveyed named cybersecurity as their top concern about self-driving cars. Cybersecurity included the potential hacking of an automated car’s data systems as well as the failure of smart road infrastructure, Munich Re said in an e-mail.
“Cybersecurity is a new exposure when it comes to automobiles,” Mike Scrudato, head of Munich Re’s mobility operations, said in a telephone interview. “One of the factors that could increase premiums is the cyber exposure because there is no real cyber product being purchased in relation to auto today.”
Quicktake: Driverless Cars
The question of how to allocate liability when autonomous and non-autonomous vehicles share the roads was the main concern for 27% of respondents. The risks of autonomous cars have grown more prominent after several crashes involving Tesla Motors Inc. vehicles’ Autopilot feature, including the first fatal wreck when a Model S slammed into an 18-wheeler crossing a Florida highway. Safety was the top concern of six percent of the risk managers surveyed.
Most companies aren’t yet prepared for the rollout of self-driving vehicles, reflecting skepticism that the cars will arrive on American roads inside the next five years. Some 64% have done no preparation for autonomous vehicles hitting the market, according to the survey of more than 100 of corporate risk managers across all industries conducted by Munich Re at a risk and insurance conference in San Diego in April.
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