In June, auto industry tech firm CDK Global was the victim of a cyberattack that impacted approximately 15,000 car dealerships in the US. Multiple reports in the cybersecurity trade press, and national media in the US, claim that CDK Global paid a ransom in Bitcoin as a result of the breach.
The news highlights the need for businesses of all types, including asset and wealth managers, to have a business contingency plan which can be implemented in the event of a cyber-attack – and the need for employees to be familiar with the processes, and procedures in the event that a cyber-attack should occur.
Additionally, this unfortunate situation highlights the need for specific cyber insurance to cover “Business Contingent Interruption”. Your regular business insurance usually does not cover cyber-attacks; these are specific policies that must be taken out separately. While you may not be in the auto industry, this type of ransom attack could occur in the financial services industry, and you may want to ensure your organization is covered in the event of potential losses.
