Depreciation Protection: How the total loss protection company fills the gap in its cybersecurity

‍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.

Why Trava?

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.”

How Depreciation Protection Has Benefited From the Trava Solution

1. 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.

2. 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.

3. 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.

4. 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.

5. “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.”