As we continue our coverage of CDK’s outage, the industry is under a microscope following the cyberattacks that took place at CDK Global. Joining us now is Tom Kline, lead consultant and founder of Better Vantage Point, who will discuss the importance of having the right insurance and his recommendations for dealers today.
Takeaways
- Kline emphasizes the critical need for dealers to enforce strong password practices and avoid password reuse across different platforms. This proactive step can mitigate risks associated with compromised credentials.
- Discussing the importance of continuity planning, Kline suggests evaluating alternative DMS providers as a contingency measure. He highlights CDK’s segmented product for RV dealers and underscores the value of siloed systems in safeguarding operations.
- Kline outlines the financial implications of cyber breaches, urging dealers to assess their cyber insurance coverage. He underscores the potential costs associated with data breaches, including credit monitoring expenses and regulatory penalties, emphasizing the importance of adequate insurance coverage tailored to cyber risks.
Check out our full coverage of the CDK cyberattack here.
"Dealers should change passwords across their tech stack immediately to prevent further breaches, as compromised credentials often surface on the dark web." – Tom Kline.
