- Auto dealers are prime targets for business email compromise, ransomware and other cyber threats
- Strengthening cyber defenses should be at the top of every dealer’s priority list
- Securing technology and educating employees are essential, especially with so many people working from home
Amid unprecedented business challenges, cyber security should remain at the top of your priority list. In 2019, businesses lost nearly $2 billion to business email compromise.1 Cyber criminals are targeting auto dealers, because of the sensitive customer data that you store, and your high-value transactions, among other reasons.
Our new cyber security guide provides a wealth of strategies for tightening your defenses.
What's at risk
Dealers risk one of their most valuable assets—long-term customer relationships—if they do suffer a data breach. Loss of reputation is an unfortunate byproduct of cyber crime.
Don’t take the bait
Company-related cyber fraud often begins with a type of phishing called business email compromise. Emails look legitimate but are sent from fake addresses—or from hijacked real addresses—to a real business email account. They can get an employee’s attention, and persuade the employee to change payment info or send a wire transfer by mistake..
What you can do
Remember that the first line of defense is your people. Make sure that all employees—from treasury to fixed ops, sales and F&I—are aware of the basics in answering email and text messages and especially in handling money requests.
Our team can help
1 FBI Internet Crime Complaint Center, 2019 Internet Crime Report, February 2020.
2 “Over 80% of Consumers Would Not Purchase A Car From Dealership With A Data Breach,” Total Dealer Compliance press release, June 2015.