July 25, 2024
News

Extended CDK disruption may pose risks to floorplan securities

After experiencing multiple cyberattacks, CDK Global anticipates that its dealer operations platform will be fully operational this week. This development is expected to minimize potential credit implications on dealer floorplan asset-backed securities. CDK stated in a release that they are implementing a phased approach to the restoration process and swiftly bringing dealers online with the Dealer Management System.

FAQ

  • What caused the cyberattacks on CDK Global?
  • How is CDK Global addressing the cyberattacks?
  • What measures is CDK Global taking to prevent future cyberattacks?

Conclusion

With the rapid restoration of its dealer operations platform, CDK Global is working diligently to ensure the smooth functioning of its systems and limit any potential credit implications. By bringing dealers back online on the Dealer Management System, CDK is taking proactive steps to mitigate the impact of the cyberattacks.

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