Cyberleaf reposted this
CDK Ransomware fallout continues - CDK Ransomware Leads to $30M in Lost Income at Sonic Automotive. Numerous auto dealers were disrupted by the cyber attack Against Software Provider CDK Global and Sonic was unfortunately one of many. Monday August 5th, Sonic Automotive told investors that a recent ransomware attack against one of its key service providers (CDK) caused earnings per share to sink by a third resulting in a $30M loss, during the quarter ending June 30. https://lnkd.in/ee6S8bqc Based in North Carolina, Sonic Automotive is one of the 500 largest U.S. publicly traded companies and the country's fifth largest automotive retailer, measured by revenue. The CDK Global ransomware attack was first reported in June 2024. Ransomware infected CDK Global, a software vendor that serves thousands of North American car dealerships. This ransomware attack affected over 10,000 U.S. car dealerships, their employees and their customers. CDK Global suffered on June 19 a "cyber ransom event," leading to the company deactivating numerous systems, including its dealer management system, supporting dealership operations such as sales, inventory and accounting, as well as its CRM system. A number of major auto dealerships - including Penske, Sonic Automotive and Lithia Motors - warned investors via SEC filings that the DMS and CMS software disruptions were having a knock-on effect on their own operations. The pace of attacks are continuing and even when the attack leaves the news cycle the impact is still in effect. See our blogs and available resources - free and no sales calls - on our website. #cyberleaf https://www.cyberleaf.io/ Be safe out there!