Dealership cybersecurity challenges in 2024
Published January 3, 2024
Heighten liability risks for dealerships leave them vulnerable to legal action if any cybersecurity prevention falls short of the new FTC requirements. Dealerships are also watching their cyber insurance coverage costs soar at the same time insurers are scaling back protections as they try to rein in rising costs and force customers to maximize their risk prevention, according to Helion Technologies founder Erik Nachbahr.
“Premiums are going up, coverages are going down and [dealers] are required to implement more technology and processes [to maintain insurance] that have associated costs,” said Nachbahr.
2024 presents many dealership cybersecurity challenges.