Bank of America Custom Supplement - S2

Why cyber criminals
are a big deal for
dealerships
Automobile dealerships are vulnerable to cyber crimes, particularly in certain areas
of their business, and the risks today are higher than ever. On an average day, for
instance, 153 viruses and 84 malicious spam emails are aimed at dealership computer
networks - and are blocked by technology.1
Why are dealerships a target, and what makes them
susceptible to a cyber event? Why should dealership
owners and managers take action? Consider these facts,
issues and concerns:

Customer data and
high-value transactions
can make dealers a
magnet for cyber threats
Dealerships possess a significant amount of
customer data. Auto dealerships collect, process
and store a vast amount of customer information in
their databases and management systems. Purchase
agreements, credit reports, finance contracts and credit
applications include Social Security numbers, bank account
information and credit card numbers - information
particularly coveted by criminals.

2

Dealerships conduct high-value transactions. Because
individual dealership transactions involve high dollar
amounts, they are also big targets for criminals. A lot of
money moves into and out of stores, and stealing one
transaction can mean a large payout for a criminal. The
Federal Trade Commission said more than 38,000 cases
of identity theft connected to auto loans and leases were
reported in 2019, more than double the previous year.
PointPredictive, an auto finance company that tracks fraud,
says business email compromise incidents are of particular
growing concern to luxury dealerships.
Dealerships too often are using outdated technology, with
IT staff not professionally trained to recognize and handle
cyber events. Only 30% of dealers employ a network engineer
with computer security certifications or training, and more
than 70% lacked up-to-date antivirus software.2 Dealers need
to view IT and IT security as an investment, not an expense.
Dealerships often allow vendors broad access to
their systems. Vendor incidents have become a key
cyber security concern and are on the rise globally. Some
dealership groups report that as many as 20 vendors
have access to their computer network or internal data
management systems. Each vendor with access multiplies
the opportunities for a criminal to gain access to a
dealership's information.



Bank of America Custom Supplement

Table of Contents for the Digital Edition of Bank of America Custom Supplement

Bank of America Custom Supplement - SIntro
Bank of America Custom Supplement - SCover1
Bank of America Custom Supplement - SCover2
Bank of America Custom Supplement - S1
Bank of America Custom Supplement - S2
Bank of America Custom Supplement - S3
Bank of America Custom Supplement - S4
Bank of America Custom Supplement - S5
Bank of America Custom Supplement - S6
Bank of America Custom Supplement - S7
Bank of America Custom Supplement - S8
Bank of America Custom Supplement - SCover3
Bank of America Custom Supplement - SCover4
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