Over 65 Auto Dealerships Secure Critical Data with Arctic Wolf
Are you ready for the FTC Safeguard Rule Deadline on June 9, 2023?
On November 15, the FTC announced a 6 month extension to the FTC Safeguards Rule deadline extending it to June 9, 2023. Now is the time for auto dealerships to tackle the tough planning and conversations needed to meet the most rigorous set of information security standards that the industry has experienced to date.
Schedule an overview to learn why auto dealerships trust Arctic Wolf to:
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Monitor environments 24x7 to detect and respond to cybersecurity threats.
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Provide continual vulnerability assessments.
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Identify threats targeting network or cloud applications.
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Conduct cybersecurity awareness training for security teams and employees.
Schedule a demo to learn how Arctic Wolf secures auto dealerships.
How the FTC Safeguards Rule will impact auto dealers
June 9, 2023 Deadline
Dealerships are in possession of critical consumer information, including access to customer names, addresses, driver’s license information, credit card numbers, credit histories, loan applications, and other financial information which are prime targets for hackers.
On November 15, the FTC announced a 6 month extension to the FTC Safeguards Rule deadline extending it to June 9, 2023. Now is the time for auto dealerships to tackle the tough planning and conversations needed to meet the most rigorous set of information security standards that the industry has experienced to date.
Auto dealerships will be required to have detailed procedures and specific criteria implemented in order to provide better protection and to curb data breaches and cyber attacks that could jeopardize sensitive customer data.
While most dealerships anticipate needing external support to meet the Rule’s security obligations, evaluating a myriad of vendors and tools to meet different sets of requirements can add to the existing burden.
How Arctic Wolf Can Help
Arctic Wolf covers over
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dealerships nationwide today. Arctic Wolf is a comprehensive security operations partner that not only reduces the need for multiple one-off tools and services but that also provides strategic guidance and expertise.
More than sixty five auto dealerships nationwide are current Arctic Wolf customers, so we understand the security challenges dealers face.
More than sixty five auto dealerships nationwide are current Arctic Wolf customers, so we understand the security challenges dealers face.
As the cyber threat landscape continues to evolve, here are some of the most common attack methods dealers face:
Threats & Concerns
Cyber threats targeting today's auto dealers
Although there are many types of cyber attacks targeting U.S. businesses, auto dealerships are most vulnerable to social engineering attacks and ransomware.
In the broad world of cyber attacks, 98% involve social engineering on some level.
Phishing, spear phishing, business email compromise (BEC) and CEO fraud all fall into the social engineering category.
Percentage of cyber attacks that involve social engineering on some level.
On average, social engineering attacks cost companies $130,000 through money theft or data destruction.
Ransomware is a common and costly type of attack hitting auto dealerships.
The average ransomware payment was up 8% in the first quarter of 2022 to $228,125 with downtime of 24 days.
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Percent increase of ransomware payments in Q1 of 2022
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Average amount of ransomware payment in Q1 2022
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Days
Expected amount of downtime after a ransomware attack
In a NADA Cost Study for Proposed Changes to the Safeguards Rule, the estimated up-front costs for dealerships preparing for the FTC proposed changes was almost $300K, and the annual cost following that was over $275K.
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Estimated annual costs for dealerships following the FTC’s proposed changes to the Safeguard Rule
There is good news!
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Arctic Wolf covers 65+ dealerships nationwide today.Helpful Resources
An Auto Dealer’s Guide to the FTC Safeguards Rule
Get strategic guidance on how to successfully implement and maintain the requirements of the Safeguards Rule in your dealership.
Understanding the FTC Safeguards Rule for Auto Dealerships
With roots in the Gramm-Leach-Bliley Act (GLBA), the Safeguards Rule expands the definition of “financial institution” to include a broader swath of industries that provide
Why Auto Dealers Are Prime Targets for Ransomware Attacks
It’s no secret that cyber attacks — especially ransomware attacks — are increasing across industries and organizations. Attack methods are evolving and rapid digitization, along
