According to a report by journalist Susan Kuchinskas, which was released in association with the TU-Automotive Cybersecurity and TU-Automotive Detroit 2018 conferences, change is afoot in the cyber security market for connected cars.
The need for security looms large for every type of connected device. However, it's worth pointing out that there's risk ... and then there's risk. With mobile devices and desktop computers, the ramifications of a devastating breach are personal and financial. With vehicles, the devastation can be physical – potentially life-threatening.
Suffice it to say, security is important for connected cars.
And the industry is responding. In fact, within the last two years, the conversation around security has completely changed. According to Chris Thomas, a founder and partner of the venture investment firm Fontinalis Partners, it’s evolved from a discussion about what's necessary and how much it'll cost, to an imperative: "a must-have," Kuchinskas reported.
"There's been a huge paradigm change in how people think about [security] as an overall component of the system," Thomas said.
Is security achievable?
It's important to understand that in cyber security, there’s no such thing as "100 percent secure." Anything that can be built can be broken. That's why even giants like Microsoft and Apple are continually issuing security patches and updates: new weaknesses are discovered, then addressed – over and over.
In short, security isn't a static goal to be attained. Rather, it's a process: a verb.
This means that when we talk about securing connected cars, we're not talking about a checklist. We're talking about a posture, an approach. We’re talking about standards and best practices. These are what we can control, and when we control them well, the whole industry is safer.
However, there are, and always will be, attacks whose type and timing we can't predict. If cyber security were a story, this tension between what we can control and what we can't would be the central conflict of the plot.
Let’s pause on that note – but stay tuned for our next article, in which we’ll explore just how complex the goal of connected car security is (and why), along with what we can do to achieve the strongest possible security at every point on the chain: from tier-one companies all the way down to the consumer.
The FedNat Insured Web is a great tool for our insureds!
They like having a centralized location to view policy info, make payments, upload policy documents, and elect to become paperless to receive a discount.
The insureds also can file a First Notice of Loss for a claim and access exiting claim info. Silvervine recently enhanced the site which allows insureds to upload policy documents directly to their policy. The uploaded docs go directly into our workflows and save a lot of manual effort on our part.
From my visits with agents, the agents appreciate the app for the amount of time saved on having to download and attach photos directly to the policy.
The app can also reduce the amount of staff required for a busy office to fulfill underwriting requests for photos.
When training agents they are amazed at how quickly the photos attach directly to the policy. After taking photos using the app and before they make it back to their desk, the photo is already attached to the policy. They also like the ability to attach additional photos for pre-existing damage.
Customer Service is seeing an improvement with retention as the text message definitely triggers phone calls from insureds to make payments.
The insureds love the fact that we notify them on their phones because they state that sometimes they don’t receive their mail for various reasons.
The insureds are paying more attention to the texts then to their actual mail. We try to set all of our customers up on that option if we notice that they are not currently enrolled, as it builds great customer relations as well as retention.
As a company we have adopted the use of Policy Scan for all our policies, and our agents have adopted the use of the app as well.
Not only is it easy to use, there is also no more worrying about losing photos, having to store photos or photos being attached to the wrong policy.
With Policy Scan we have increased efficiency in our workflow and reduced our exposure on the risk.
Silvervine’s core administration solutions easily handles multiple carriers within multiple states, including accounting, payment processing, immediate policy issuance and endorsements.
What started out writing one product, one line in one state has now grown into mulitple products, multiple lines and writing in multiple states. We have over $95 million in annualized premium in-force and we expect to grow by 20% during the next year all serviced by Silvervine.
Silvervine was our insurance software system of choice when we started the company in 2006. Silvervine enabled us to begin business within a few months of licensing the company. Today, we are one of the top 20 homeowner’s writers in Texas and SIlvervine’s solutions have been an integral part of our success.