Episode Notes

Key Highlights

• In mid-June 2024, auto dealership around the country were affected by a massive ransomware cyber attack on a popular software owned by CDK Global.
• CDK Global's software is commonly used by car dealerships to manage tasks like scheduling to tracking vehicle sales and orders.
• CDK Global revealed that nearly all 15,000 car dealerships that use their software across North America were affected by this cyber incident.
• The cyberattack involved the hackers freezing the system and demanding a ransom of $25 million, which CDK Global ended up paying through Bitcoin to the hackers.
• Overall, the cyberattack resulted in over $1 billion in losses for dealerships across the country.
• One of the best ways to protect your small business against costly cyber attacks and data breaches is to get cyber insurance. With The Hartford, you can add cyber insurance to your Business Owner's Policy (BOP) or general liability insurance policy.

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