Car dealerships are not immune to cyberattacks and ransomware, which can be very expensive to fix. This is why it is essential to have the best IT services to protect your data. Reynolds and Reynolds recently acquired concession cybersecurity company, Proton IT dealer, to extend their digital protection capabilities. Today on Inside Automotive, we dive into the details of this acquisition and the impact this will have on their dealer partners. We are pleased to welcome Brad Holton, founder of Proton Dealership IT.

The acquisition was completed on August 1, and Holton says Reynolds and Reynolds now have the tools to help car dealerships manage cybersecurity risks and regulatory safeguard updates. Ultimately, he notes that the acquisition “just makes sense” because it has the potential to help his business grow 50% to 60% a year.

Holton says the partnership with Reynolds and Reynolds brings together some of the best experts in the dealership and software industry, and it will be a “game changer for the automotive space.” He reports that the key growth drivers for Proton Dealership IT are:

  • Federal Trade Commission (FTC) Updated Safeguards
  • Rise in cyber insurance premiums
  • The Rise of Widespread Ransomware

The the wall street journal recently reported that car dealerships are the “number one target of hackers”. Holton says only his company is consulted for an incident response task about once a month because all dealerships are vulnerable to attacks.

About the update FTC SafeguardsHolton believes that the FTC was vague on some points, but ultimately car dealers definitely want to follow them to stay in compliance with federal law because it prevents enforcement action and can also help with enforcement. ‘insurance.

Holton notes that various OEMs are requiring car dealerships to obtain cyber insurance now, and the insurance application has gone from a one-page document to a seven- or eight-page document that requires information about detection and prevention of existing cyber threats at dealerships who request it.

Car dealerships are generally unfamiliar with cybersecurity issues, an area where Reynolds and Reynolds could help them. Holton says IT and cybersecurity aren’t exactly the same thing, and his company focuses on preventing destructive attacks instead of performing traditional IT tasks like troubleshooting hardware and Internet connection issues.

Cyberattacks can shut down car dealerships for weeks and can also lead to the withdrawal of partnership or acquisition deals. Holton suggests avoiding this as much as possible. Car dealerships should have their systems audited third-party to look for vulnerabilities and cybersecurity issues.

Holton says he’s excited about the recent merger and his company’s goal is to educate auto dealers on what the FTC’s updated warranties mean and where they need to start fully complying. Auto dealers who already partner with Reynolds and Reynolds for any other service can ask their representatives about the company’s new cybersecurity offerings.

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