According to David Willett, general manager of the Automotive Industry at Intrepid Direct Insurance, “This is happening to other industries, but it’s becoming more frequent in our industry. The number of automotive repairers with cyber risk coverage in their garage insurance package is growing but still represents a small percentage. The normal ransomware provision pays for rebuilding the system and database, which can take 30 days or more. It doesn’t reimburse or pay the actual ransom request (usually bitcoin), which offers an immediate fix.”
Stay tuned to Autobody News next month for an in-depth look at cybersecurity and how to mitigate these risks with Willett.