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Cyber liability insurance available for dealers

July 28, 2023

Cyber Security Ransomware Email Phishing Encrypted Technology, Digital Information Protected Secured

The Opus & Ponemon Institute found that 59 percent of companies experienced a data breach in 2018.

That number has been on the rise in recent years. An even more sobering statistic from the National Cyber Security Alliance is that 60 percent of small businesses experiencing a severe hack end up going out of business.

The Federal Trade Commission’s update to the Safeguards rule puts more emphasis on companies protecting consumers’ data.

Independent automobile dealers can also take an added step and purchase a cyber liability insurance policy through Universal Casualty Risk Rentention Group, Inc.

Universal is offering free quotes at cyber@universalcasualty.com.

NIADA Author

The National Independent Automobile Dealers Association (NIADA) is among the nation’s largest trade associations, representing the used motor vehicle industry comprised of some 40,000 licensed used car dealers. Since 1946, NIADA has represented the voice and interests of used car dealers at the federal level in Washington D.C. Coupled with its state association network across the country, NIADA’s grass-roots framework provides a dual layer of advocacy unmatched in the used motor vehicle industry. For 75 years, NIADA has engineered programs and leveraged technology to fulfill its mission to advance, educate and promote the independent used car dealer. NIADA members subscribe to a strict Code of Ethics of duty, honor and integrity, and believe in the advancement of small business in support of the free-market system. More information about NIADA, visit www.niada.com.