CYBERSECURITY AND THE AUTO INDUSTRY Costly Attacks on the Rise By One Step Secure IT Team In an interconnected world driven by technology, the battle against cyberthreats is intensifying. With our increasing reliance on technology, businesses must adopt robust cybersecurity practices to protect sensitive data and ensure the continuity of their operations. The Ransomware Saga Ransomware attacks, in particular, have emerged as a significant threat to the automotive industry. In the pre-pandemic era of the first quarter of 2019, the average ransomware payment was a mere $6,000. As the COVID-19 pandemic took hold and necessitated a shift to remote work across the United States, cybercriminals swiftly exploited the heightened security vulnerabilities resulting from businesses’ inadequate cybersecurity protocols. By 2020, the demanded ransom payment skyrocketed to an average of $115,000. This situation was like a perfect storm of technological mishaps, including employees connecting to company servers through unsecured Wi-Fi connections, the hasty introduction of new applications without appropriate safeguards, and the limited implementation of multifactor authentication measures, among others. It was a recipe for disaster created by a mix of clueless employees, hasty IT decisions and a sprinkle of security negligence. It was like watching a train wreck in slow motion, except this time, the passengers were the company’s sensitive data and reputation. In 2021, the average demanded ransom rose even further to $170,404, and in 2022, the average demanded ransom was up to $228,000. It’s important to keep in mind that the financial impacts for businesses stretch far beyond just the ransomware payment itself. In addition to the cost of ransom, the cost of downtime, employee pay, remediation and other expenses could add up to about $1 million dollars. It’s no longer a world where auto dealerships can turn a blind eye to these threats; it’s just too costly to ignore. 31 DEALERS’ CHOICE
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