I doubt that data security keeps most dealers up at night. But it probably should, considering its staggering impact. Each year, cyber-crime costs the global economy $575 billion—$100 billion of that in the U.S. alone!
Data breaches are an expensive problem, and hackers are increasingly targeting the automotive industry and its lucrative bank of social security numbers and financial information. Just take a look at these findings by NetIQ:
- Automotive firms reported a 32% increase in reported detected cyber-attacks.
- More than 70% of organizations surveyed in their 2015 report had been affected by a successful cyber-attack last year.
- The average cost of a corporate data breach is $3.5 million.
- The vast majority of security incidents involve a current or former employee.
The automotive industry will continue to be a tempting target for cyber-criminals, but you can fight back by creating a solid data management and security plan. Expert David Spisak—ReverseRisk President & CEO—shares the four key steps you should take to control your dealership’s data.
- Take ownership. It doesn’t mean you have to do all the work; it just means you need to be actively engaged in every aspect of your organization’s data management.
- Find a good gatekeeper. This person will be directly responsible for executing the plans and processes that you approve for your organization. They will also maintain and monitor your firewall, conduct spot checks of employee internet access and create access reports for your review.
- Create formal access policies. Outline what type of access new and existing employees should have to your data. Be sure to develop a clear plan for closing data access for former employees, who are likely to be your biggest data security risks.
- Review access reports monthly. Weekly is even better. No matter the interval, review who is accessing your data network and take steps to address any issues.