With new cyberattacks emerging at a rapid rate, it is essential for auto retailers to protect their dealerships and customer data. According to CDK Global's State of Cybersecurity e-book, less than 50% of dealers are adequately prepared to meet the Federal Trade Commission's (FTC) cybersecurity requirements by June 9, 2023. In addition, only 35% fully comprehend the new ruling, which includes such protection mandates as multi-factor authentication, data encryption and data and systems inventory.
The stakes have escalated in terms of avoiding IT-related business outages, reputation damage and fines for failing to comply with the FTC’s new deadline, according to the e-book, which compiled automotive-specific survey data from dealership personnel to provide peer-to-peer insights to consider when evaluating cybersecurity posture and ongoing strategy for the June 9 compliance.