CDK Global Cyberattack Costs Car Dealerships Over $1 Billion

The attack disrupted operations at 15,000 dealerships, impacting sales and earnings for major auto retailers.

• The cyberattack on CDK Global began on June 19 and forced system shutdowns until July 5.
• Dealerships lost an estimated $1.02 billion from disrupted sales, services, and additional costs.
• AutoNation and Sonic Automotive reported significant hits to their second-quarter earnings due to the attack.
• CDK Global is believed to have paid a $25 million ransom to resolve the situation.
• The incident highlights vulnerabilities in reliance on centralized software systems.

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