RANSOMWARE A Response Plan Is Essential for Auto Dealers By Bank of America High-profile cyber incidents have highlighted the need for auto dealerships to prepare for the impacts due to loss of critical services and theft of sensitive data. Here are some factors to consider when creating an incident response plan. Key Takeaways • Auto dealerships are facing an increasing number of cyberthreats that can debilitate operations and compromise customer and financial data. • Creating a ransomware response plan is a critical piece of any dealership’s preparedness. • By implementing basic controls and best practices, an incident response plan can improve security for dealerships, even those with limited IT and cyber defense budgets. When a software and applications vendor was compromised by ransomware in June 2024, thousands of auto dealerships felt the effects. Essential management systems became inaccessible, sales and financing transactions went manual or stopped, and sensitive customer and business data was compromised. By one estimate, auto dealerships lost over 50,000 new vehicle 15 Illinois Automobile Dealer News
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