A recent cyber-attack on a major provider of cloud-based software for car dealerships resulted in thousands of dealerships across the U.S. experiencing operational disruptions. This incident underscores a crucial fact: it's not a question of if your dealership will be breached, but rather when. While monitoring for fraud is essential, the top priority should be both proactively erasing personal data and efficiently recovering stolen information.
The Importance of Safeguarding Customer Data
In response to the cyber-attack, the provider had to shut down its systems in an attempt to safeguard customer data. However, these actions are often too late to prevent damage. Data breaches at dealerships are not new and are not going away. According to a 2023 report, 17% of surveyed car dealers experienced a data breach in the past year, an increase from the previous year. These breaches often result in substantial financial and operational impacts.
Dealerships store vast amounts of sensitive customer data, including credit applications, financial details, and personal information stored in vehicle infotainment systems. This comprehensive data is highly valuable to criminals. The challenge for dealerships is to protect this data adequately and ensure compliance with the latest data protection regulations.
What Are You Doing to Protect Your Customers’ Data?
Traditional credit monitoring alerts customers when their information has been compromised, but it does not help fix the damage. Customers are left to navigate the complex and often frustrating process of restoring their identities independently. Monitoring only serves as an early warning system. It informs you that there's a problem but doesn't solve it.
The Solution: Identi-Fi
Identi-Fi is a new and comprehensive service offered by VERO that goes beyond traditional recovery solutions by providing a proactive approach to managing and protecting customer data. Here's what Identi-Fi provides:
1. Seamless Data Erasure for Compliance:Identi-Fi enables dealerships to seamlessly erase personal data from used inventory and loaner cars, ensuring compliance with the latest data protection regulations. This proactive measure helps prevent data breaches before they happen.
2. Time-Stamped Certificate of Deletion:Provides a time-stamped certificate of deletion, giving customers peace of mind that their personal information has been thoroughly and securely removed.
3. 24/7/365 Support and Access to Identity Care Center:In the event of a breach, customers have around-the-clock access to support, ensuring immediate assistance whenever needed.
4. Dedicated Certified Recovery Advocate:Each customer is assigned a highly qualified recovery advocate who will work to restore their identity, including completing and filing forms, performing research, and contacting all necessary companies and agencies.
5. Customized Recovery Plan:Personalized plans tailored to the specific type of fraud, whether medical, financial, or criminal.
6. Comprehensive Fraud Resolution:Qualified recovery advocate will handle everything from submitting disputes to assisting with criminal investigations and evidence capture.
7. Identity Care Account:Customers can securely track the progress of their cases online, view their credit reports, and receive monitoring alerts.
Why Dealerships Should Offer Identi-Fi
By providing Identi-Fi to every customer who buys a car, dealerships can transform a potential crisis into an opportunity to build trust and loyalty. When a data breach occurs, you can confidently assure your customers, "Don't worry, we have you covered." This proactive approach not only protects your customers but also enhances your dealership's reputation as a secure and customer-centric business.
In conclusion, recent data breaches affecting car dealerships are stark reminders of the vulnerabilities dealerships face. Identi-Fi from VRO offers a comprehensive solution that not only proactively erases personal data to prevent breaches but also provides fully managed recovery services to address and resolve identity theft when it occurs. By integrating Identi-Fi into your dealership's offerings, you can ensure your customers' peace of mind and safeguard your business against the growing threat of data breaches.
For more information on how VERO can help protect your customers, visit our website or contact info@veroproducts.com.
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