In today’s fast-paced market, auto dealers are pulled in many different directions, and compliance often slips down the priority list. However, in light of the recent cyber attack at CDK Global, it’s crucial for dealers and their teams to stay aware of the compliance component as well. On the latest episode of Inside Automotive, we’re joined by Shannon Robertson, Executive Director of (AFIP) the Association of Finance and Insurance Professionals, to discuss the importance of robust compliance measures and cybersecurity training within the dealership.
Key Takeaways
1. The recent CDK Global cyber attack has significantly heightened the urgency for dealerships to review and update their compliance and cybersecurity measures. Robertson asserts that many previously complacent dealers are now urgently seeking updated training and vendor agreements to enhance their protection.
2. Dealerships often struggle with balancing profitability and compliance requirements. Compliance is no longer an obstacle but an integral part of daily operations. Dealers are encouraged to embrace compliance as a standard practice rather than a hindrance to profitability.
3. To effectively manage compliance risks, dealerships must conduct regular audits. These audits help identify risk areas, which can vary by department, such as service areas or F&I offices. Regular evaluations are critical for maintaining a compliant and secure operation.
4. Comprehensive training is crucial for mitigating compliance risks. Ensuring that all employees are well-trained and understand their accountability is essential for effective compliance management. Proper training helps prevent costly mistakes and reinforces security measures.
5. The threat of cyber attacks is an ongoing issue. Even with rigorous training, human error can still lead to breaches. Dealers must remain vigilant, continuously updating their defenses and training programs to address evolving threats and protect against potential vulnerabilities.
"Training for me is accountability. If we're going to be compliant, we have to hold our employees accountable because it cannot be successfully implemented if not everybody buys into the process." – Shannon Robertson.
