Bank of America Custom Supplement - S3

Dealerships are exposed not only through obvious
devices like computers, phones and tablets but also
through other machines and devices connected to the
Internet-the so-called Internet of Things. IoT objects
are typically simple devices or sensors that wirelessly
connect to a network to perform certain limited tasks or
functions. At a typical dealership building, that list might
include connected devices like heating, ventilating and
air-conditioning systems; sensors; cameras; fax machines;
and video monitors. Each internet connection is a possible
entry point for a criminal.
Dealerships must comply with new data privacy
laws - such as the California Consumer Privacy Act
and similar pending legislation-that demand tougher
standards in managing and protecting consumer data.
Dealerships encounter high costs if they do suffer
a data breach. Penalties for violations and incidents
are expensive, amounting to tens of thousands of dollars
for both the California Consumer Privacy Act and the
Gramm-Leach-Bliley Act. Consider that when a customer's
data is stolen from a company database, that company
is responsible for paying for credit monitoring for the
exposed customer. Then multiply that cost by the number
of customers in the database. In addition, a victimized
dealership often must deal with the cost of replacing
compromised computers.
Dealerships, like other businesses, face a growing
threat from ransomware attempts. Helion Technologies
calls ransomware the second-greatest cyber security issue
for dealerships. Ransomware installed on a dealership
computer system can not only shut down business but also
require rebuilding the computer network, costing some
dealerships hundreds of thousands of dollars.
Dealerships risk one of their most valuable
assets - long-term customer relationships - if
they do suffer a data breach. Loss of reputation is
an unfortunate byproduct of cyber crime. Nearly 84% of
consumers said they would not buy another car from a
dealership after their data had been compromised.3

84%
Share of consumers
who wouldn't buy
again from a
dealer who's
been breached

Dealerships are increasingly exposed as their
employees do more business on mobile phones,
laptops and tablets. As is the case in other industries,
mobile devices and remote connectivity are becoming
essentials at dealerships. With the rise in digital retailing
and communications, staff members are using mobile
devices more often to communicate with each other,
customers and vendors. That means important and
sensitive information or documents today may be
transmitted via text message or email on a phone, laptop
or tablet and potentially intercepted by a criminal.
As digital retailing grows, dealerships face new
potential threats. The use of digital tools has opened up
new sales and marketing possibilities but also has created
new security risks. For instance, dealerships have increased
their use of videoconferencing during the pandemic,
opening the possibility for criminals to eavesdrop on
conversations and gather sensitive information.
Dealerships, like all businesses, are exposed to
new security challenges when employees work
from home. The coronavirus and stay-at-home orders
issued by many states and municipalities have turned
the spotlight on working at home. Although unavoidable,
that creates new cyber security challenges. Employees
may use different devices and tools in these makeshift
home offices-and may not know how to use them safely.
Dealership and personal data can be exposed through
employee phones and home internet service providers
that might not have the same safeguards in place.

BANK OF AMERICA

3



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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https://www.nxtbook.com/nxtbooks/crain/an_080612_supp
https://www.nxtbookmedia.com