16 KENTUCKY AUTO DEALER Keep up with the digital buying transformation. Talk to your Truist Dealer Services Officer about how Truist can help you build out your digital buying journey. Go to Truist.com for more details. Sources 1. “2021 AFP Payments Fraud and Control Survey Report”, Association for Financial Professionals (AFP), 2021. 2. “Fraud in the Wake of COVID-19: Benchmarking report”, Association for Certified Fraud Examiners, 2020. 3. “Cost of a Data Breach Report 2021”, IBM/Ponemon Institute. 4. “Datto’s Global State of the Channel Ransomware Report”, 2020. 5. “Ransomware Demands continue to rise as Data Exfiltration becomes common, and Maze subdues”, Coveware, accessed 12/15/2020. 6. “2019 Consumer Survey: Trust and Accountability in the era of Data Misuse”, Ping Identity. Continued from page 15 • Cloud backup for restoration following a malicious software attack • Intrusion detection software to identify suspicious network activity Synthetic identity fraud is another risk to dealers today. Imposters use fake information to create fictitious identities, combining stolen identity information to create new credit files. These new synthetic identities allow criminals to qualify for a loan to buy vehicles, putting dealerships at risk for losses. Background checks verifying customer identity offer the best protection. When cyber fraud does penetrate a dealership, speed is the key to mitigating its impact – the faster an attack in progress can be detected and stopped, the less its damage. Quick detection and speedy remediation deploys an entire set of technologies, processes, and expertise – including digital forensics, threat hunting, malware reverse engineering, and technical surveillance countermeasures – that most dealers don’t have. Mr. Nachbahr explains, “Dealers need a Security Operation Center (SOC) to monitor the network 24/7/365 looking for signs of malicious behavior. Tools like advanced endpoint threat protection and security information event management (SIEM) allow security professionals to sift through and correlate data and identify suspicious patterns of behavior so they can shut down the attack early and limit damage to the dealer.” “Dealers are quickly recognizing the need for a SOC, but security professionals with the training and certification to run the centers are hard to find. Most dealers are turning to outsourcing to protect their business.” Cyber Liability Insurance Cyber liability insurance protects your dealership when cybercrime happens. “Many dealers don’t think cybercrime will happen to them and are not prepared when it does,” explains J. Travis Johnson, Auto Dealer Practice Leader at McGriff Insurance, a subsidiary of Truist Insurance Holdings, Inc. “Due to their systems and transaction levels, dealers are one of the many low-hanging fruits for cybercriminals. While some OEMs do require cyber liability insurance, dealers who aren’t required to purchase policies typically don’t think the premium money spent is worth it. Not realizing the overall benefit of a cyber liability policy is relatively inexpensive when compared to the damage a cyberattack can cause.” Dealerships interested in cyber insurance policies undergo an extensive cyber risk review that rates them on existing cybersecurity vulnerabilities and defenses in place. Your level of cybersecurity preparation determines your premiums. Some of the coverages include the cost of identifying where the attack came from, making ransom payments, paying rewards for informants, repairing or replacing computer hardware, and potential court costs. If an attack happens, most insurance carriers offer a 24/7 oncall teams to advise you on next steps and help you get the problem resolved as quickly as possible so you can get up and running again. Don’t Think You Are Flying Under the Radar Headline-making data breaches typically occur at large, well-known companies, but that doesn’t mean your dealership can rest easy. Fraud criminals are constantly looking for the easiest marks, and sizeable transaction volumes combined with disparate systems make dealerships particularly vulnerable. Take protection measures seriously to avoid being a victim. Can I Afford to Ignore Cybercrime? A serious cybercrime attack can be crippling. A ransomed network, infected server, or compromised bank account can be as much of a disaster as a flood or fire. As more dealerships rely on digital customer interactions and transactions, the benefits of protecting your dealership, your data, and your finances from fraudulent activity have never been greater. Don’t Let Cybercriminals Steal Your Business Talk to your relationship manager or treasury consultant to discuss your business plans and your dealership’s fraud defenses, including ways to mitigate damages through McGriff Automotive insurance policies.
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