Our increasingly connected world may open up a lot of possibilities for companies to expand their resources and reach, but unfortunately, it also presents an increasing number of vulnerabilities for cybercriminals to exploit. Recent reports show that the cost of cybercrime reached $8 trillion in 2023, and that is projected to increase to $10.5 trillion by 2025.
One of the latest major cyberattacks happened last month, when major car dealership software company CDK Global was hit by a cyberattack that impacted the more than 15,000 auto dealerships in North America that utilize their services.
For this episode of the Insurance Speak podcast, we were joined by Andy Moss and John Ellison, both partners in the Insurance Recovery Group at Reed Smith, to discuss the impact of the CDK cyberattack and what it means for car dealership cyber risk management and insurance coverage moving forward.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at bmmiller@alm.com.
