Depreciation Protection: How the total loss protection company fills the gap in its cybersecurity
by Trava, Cyber Risk Management
DPW’s entire leadership team believed in the Trava solution.
About Depreciation Protection
Depreciation Protection, Inc. (“DPW” short for Depreciation Protection Waiver) was founded in 2013 as a sister company to ICA, Inc., an insurance-focused company with over 75 years of insurance and risk management experience.
The company’s founder, Brian Allietta, recognized a need for a solution to aid members that were losing their hard-earned equity in the event their vehicle was totaled. DPW is the first total loss protection product to protect consumers from the impact of depreciation and loss of equity.
Depreciation Protection’s primary focus is in the credit union space, although they have a growing number of banks and dealers as well.
The Business Challenge
As an advocate of DPW from its inception, DPW’s Chief Operations Officer Faith Jackson recognized the need for a modernized product. She has a passion for identifying unique and innovative ways to streamline processes and allow DPW to continue to be a leader in the ever-changing market space. With a fascination for technology, she understood the importance of timely vulnerability updates and sought to learn more about cybersecurity. And while their MSP remains helpful with the day-to-day, DPW knew the logical move was to seek out a dedicated cyber security partner.
The Trava team engaged and educated DPW about:
Where to start with a cybersecurity program
How to perform ongoing cybersecurity training and awareness throughout the company (including running frequent phishing simulations)
Why cyber insurance is a critical element in a comprehensive cyber risk management program
DPW’s entire leadership team believed in the Trava solution and wanting to do what was needed to keep the business protected and thriving.
The reporting tool is robust and intuitive. It's been a game-changer. Now we have a point of reference for strategy, planning, and training. We were functioning in a reactive space in the past and now we're in a proactive space.
Faith networked with several providers that were only concerned with closing a sale—or worse, as a small business they didn’t feel like a priority or valued as a customer. Most of the cybersecurity solution providers DPW was considering were cavalier and not willing to take the time to educate.
DPW appreciates that Trava makes them feel truly valued as a customer.
This goes for Trava’s cyber insurance, too. It was challenging to find an insurance carrier that was willing to write their policy because they were considered “small fish.” And the cyber renewal turned into a lot of “hoop-jumping”. “There were more hurdles and less guidance,” said Faith. “With Trava, it was the opposite. They guided us through the cyber insurance renewal process and we are confident that we have the right coverage at an affordable price.”
"The relationship that Trava has fostered with us, the level of education they provide, and their genuine willingness to help—on an ongoing basis, not just when it's time for renewal—have been invaluable.
How Depreciation Protection Has Benefited From the Trava Solution
DPW’s credit union clients have a member-centric focus. DPW embraces those values by being customer-focused. And they want business partners that do the same. Trava not only has scheduled quarterly meetings with DPW, Trava’s CEO and acting vCISO checks in regularly to offer ongoing counsel, industry updates, and inquiries about how the platform is performing.
Depreciation Protection has a responsibility to manage and protect the data of its credit union customers and their members. With Trava assisting with compliance packages and monitoring, it satisfies the credit unions.
By running frequent phishing campaigns and other risk assessments it identifies vulnerabilities in their people, processes, and technologies allowing them to be proactive in patching loopholes.
Trava not only serves to assist DPW with their cyber risk management program, they also offer guidance to their MSP. For example, Trava supported DPW’s new partnership with Arctic Wolf as an added layer of protection.
“We’re having fewer difficult conversations about our cyber security posture. And our sales velocity has increased because our security package has been clear, concise, and updated to stay current.”
These days, it seems that companies are losing touch with customer service.
But with Trava, it's at the forefront.
We witness it every day. The post-sale experience has been equally as engaging and educational as what it was during the discovery and sales process.
Words of Advice From DPW About Cyber Risk Management
SMBs everywhere: Cyber security needs to be on your radar! Cyber risk is not going away, in fact it will only get worse. You need to focus on it and budget for the resources you need for cybersecurity and monitoring. One attack can result in business interruption, payroll interruption, and compromising your relationships with your employees and customers.
You will have peace of mind. Your current and future clients will appreciate your proactive approach.
Have your first conversation with Trava. Their level of expertise is phenomenal! They will answer your questions and get you started. You can trust them to guide you and what’s best for your business. In fact, “where do we start?” is the best question to ask any vendor you are considering. Their answer will be a good indicator of whether they take you seriously, if they will protect your company, help you close your loopholes, and continue to aid you after the sale.
It’s critical for every business in every industry. And for small businesses in particular, you have worked so hard to get to where you are. Don’t compromise it! Take the time. Spend the money. It will be the best money you ever spent.
It’s muddy waters, for sure, but put on your wading boots. It will keep your business up and running.
We can help! Talk to the Trava Team and see how we can assist you with your cybersecurity needs.