The Expert Podcast

• The automotive dealership industry is currently facing a significant threat: cyber attacks.
• Hackers are specifically targeting car dealerships due to the vast amount of valuable customer data they possess.

• Reports indicate a rise in cyber attacks on car dealerships, with 90% of automotive retailers prioritizing cybersecurity plans.
• Despite efforts, 17% of dealerships experienced an attack in the past year, despite 53% expressing confidence in their security measures.

• Car dealerships are mandated by the Federal Trade Commission to report any data security breach within 30 days of discovery, under the FTC's safeguards rule.
• Dealerships handle extensive customer data, including personal information such as names, driver's licenses, dates of birth, and social security numbers, making them lucrative targets for hackers.

• The sheer volume of data handled by dealerships, including vehicle information and customer interactions, makes them vulnerable to cyber threats.
• Human error, often due to the customer-facing nature of car dealerships, can lead to security breaches, as seen in incidents involving compromised Wi-Fi networks and security cameras.

• Dealerships can mitigate risks through active monitoring, cyber insurance, and implementing best practices recommended by insurers.
• It's crucial not to solely rely on IT departments, as cyber threats constantly evolve, requiring proactive measures such as active monitoring and insurance coverage with high limits and active monitoring capabilities.

• Car dealerships must prioritize cybersecurity to protect sensitive customer data and mitigate the risks associated with cyber attacks.
• Investing in comprehensive cyber insurance policies and adopting proactive security measures can safeguard against potential breaches and minimize financial and reputational damage.