Did you know that cyber attacks on auto dealerships have gone up 232%? This makes it likely that your dealership is next, if it hasn’t been hit already. So, what can you do in order to protect your customers’ confidential information? Understanding what cyber attacks are, as well as how to prevent them are the first steps. The next involves buying an insurance plan that can help cover some of the expenses brought about by a cyber attack, just in case your defenses aren’t enough.
Want to get ahead of any looming cyber attack possibilities? Here’s what you need to know.
Common Dealership Cyber Attacks
When people think of cyber attacks, they tend to go straight to the old model of someone getting into the company’s server through a secret “back door” in the system and stealing information. While this does still happen, the following types of cyber attacks are more likely:
- Phishing – This type of hacking involves a hacker sending an email to an employee. The email looks legit, such as one from a bank or loan system that your company deals with all of the time. However, they aren’t. Many are sent from a cloned email address and contain links to malware. When the link is clicked on, the hacker gains access to your dealership’s computer system.
- Password Hacking – What happens when an employee has a simple password? By guessing the usernames of employees, as well as their passwords, a hacker can access your system and wander around, gathering any information that this particular employee had access to. If it’s one of your higher-ups, like a manager, the hacker can escape with quite a bit of sensitive information and do some damage.
- Ransomware – Another option, ransomware is a little like phishing, only in this case, the hacker decides to hold all of your computer systems hostage. They gain entry to the system via a phishing email, and then they prevent your employees from getting their jobs done until you decide to pay or outwit the hacker to get your access back.
Training your employees to detect and avoid these common hacking attempts is one important part of the plan to keep your customer’s data safe. The others involve setting up very secure servers, vetting your software, and having cyber insurance.
What Cyber Insurance Covers
Your dealership’s cyber liability insurance policy thankfully covers many different things, often including the costs of paying a ransom to get your system back, the price of notifying your customers that there’s been a breach, and even the amounts required to make your system secure again and recover any lost data. Many plans also pay for credit monitoring services, which you can offer to your customers as a way of an apology after a breach.
Have Questions? Contact Charlotte Insurance
Want to learn more about cyber insurance for your auto dealership? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan your business needs.