As an automotive-related company in today’s digitally connected world, your business is at risk for cyber threats. Typically, automotive companies do not consider themselves at risk for cyber attacks and have failed to take measures to secure their systems and data.

However, as automotive businesses continue to use technology to create better processes, there are increased cyber threats against automotive businesses.

Cyber Threats against Automotive Businesses

Automotive News shared a few of the common claims automotive businesses can face in a recent post. Examples include:

Wire fraud

Wire fraud is when a criminal schemes to defraud or obtain money based on false representation or promises. One example found that a cyber thief intercepted a wire transfer between an exotic-car retailer and another dealership, stealing $253,000. The criminal was thought to have gained access to an employee’s email, sending an email to change the bank account for the wire.

Social engineering

When a cyber criminal confiscates confidential information through manipulation of a person or business, they are performing social engineering. This could be tricking an employee to gain access to dealership finance and customer credit reports. In another instance of social engineering, a criminal pretended to be a customer and asked a dealership employee to look at an example of a car they wanted to buy. They asked the employee to log in to Dropbox using their dealership username and password, stealing that information.

Ransomware

Ransomware is a type of malicious software designed to block access to a computer system until a sum of money is paid. This can be used against dealerships and auto body shops, locking up computer operations for days or weeks.

 

Companies impacted by these types of cyber attacks have lost millions due to the interruption of their business operations and hit to their reputation. In fact, nearly 84 percent of consumers said they wouldn’t buy another vehicle from an auto retailer if their personal data had been compromised, according to a survey from auditing company, Total Dealer Compliance.

Protection from Cyber Attacks

With the rise in cyber attacks on automotive companies, it is important to protect your business against the costs associated with these attacks. To combat these risks, Lockton Affinity Automotive is providing access to CyberLock Defense. This a one-of-a-kind cyber liability policy offers:

  • Full policy limits for cyber extortion and ransomware
  • Business interruption expense and extra expense up to full policy limits
  • Incident/claim intake managed by a law firm that establishes attorney-client privilege upon first contact

Along with this broad coverage, CyberLock Defense, administered by Lockton Affinity, offers flexible policy limits that range from $100,000 to $10 million. There are also no sublimits, so the policy limit you select is the policy limit you get. If you select a $5 million policy, you have full access to your $5 million policy limit, even for incidents of cyber theft, social engineering loss, ransomware and more.

Protect your automotive business today at CyberLockDefense.com or (844) 868-7144.