It seems like every year there is more cybercrime than the year before.  And today – by taking advantage of Ransomware as a Service (RaaS) – more and more criminals are jumping into the cybercrime game.  Additionally, the ingenuity, persistence and growing support of state actors all contribute to a very sophisticated and increasingly difficult force to contend with.

To understand the impact of the cybercriminal and the seriousness of this threat, let’s consider some of the most disturbing cybercrime statistics that dealers should know about.

Almost 80% of businesses lack confidence in their organization’s cybersecurity capabilities.

According to an IDG report (Cybersecurity at a Crossroads:  The Insight 2021 Report) this lack of confidence stems from the organization’s absence of the right technologies and the cybersecurity expertise of their internal IT teams.  On a positive note, 91% of organizations plan to increase their cybersecurity budgets.  Are you planning to bolster your cybersecurity spend?

Ransomware attacks increased by 435% in 2020 from 2019.

According to a research study performed by Deep Instinct, the incidence of ransomware attacks didn’t just skyrocket – so too did the severity of each attack.  Now, the cybercriminal uses double extortion tactics.  Not only does the criminal encrypt your data, but they also threaten to release your data publicly if you don’t pay up.

The average time to identify a cyberattack is 207 days.

IBM’s 2020 “Cost of a Data Breach Report” found that it takes 207 days just to identify a cyberattack.  207 days is almost 7 months!  It then takes on average 73 days to contain the attack.  All together that is 9 months!

The average ransomware payment rose 33% in 2020 over 2019.

The cybercriminal is getting more confident and demanding.  The more ransom that is paid, the more the average payment will rise.  As a result, Fintech News reports that the average ransomware payment has increased 33%.

The unemployment rate for a cybersecurity professional is 0% and the average salary for a cybersecurity professional is $140k annually.

As Cybint reports, cybersecurity professionals are highly paid and in very short supply.  Trying to recruit, hire, and keep a cybersecurity professional is incredibly difficult.  But these professionals are essential to keeping your dealership’s data, finances, and reputation safe.

Make no mistake, auto and heavy truck dealers are a target for the cybercriminal.  Dealerships have lots of consumer financial data and dealerships perform high value electronic financial transactions.  Dealerships have what the criminal wants.  If you are concerned about cybercrime and need help, consider as a starting point a no-cost IT Risk Assessment.  It’s the best way to understand your current vulnerabilities and how to improve your cybersecurity risk posture.