Advertisement feature from PIB Insurance Brokers

Steve Cross, Group Technical Director, PIB Insurance Brokers.

With high profile cases of cyber attacks on dealerships being seen in the media, more than ever, there is a need to have appropriate security and controls in place before an attack happens, not as a reactive measure after the event.

In recent years, the automotive industry has been undergoing a rapid transformation of digitalisation.

As new technologies become increasingly prominent in the automotive sector, they open the door to a wide range of cyber threats and high interest from cybercriminals to attack automotive companies. 

Cyber attacks can cause devastation to a business through damaging reputation, company finances and the ability to trade.

Our Advice

• Ensure your automotive business is protected by transferring risk through an appropriate cyber insurance solution
• A good cyber insurance policy will provide you with access to specialist assistance in the event of a cyberattack, including: advice in relation to the payment or non-payment of any ransomware demand, statutory obligations in notifying customers of a data breach, public relations advice, IT forensic investigation costs, and the costs associated with responding to regulatory bodies
• The insurance coverage itself will also provide for the rectification of your computer systems, any resultant Business Interruption and the defence of any claims brought by third parties resulting from the attack, subject to policy terms, conditions and excess