Helion’s President & Founder on the growing threat of data breaches and the importance of cybersecurity regulations
Writing for Babcox Media’s AutoSuccess, Helion President & Founder Erik Nachbahr notes that data breaches are becoming more common and discusses the changing face of cyber crime.
“Many people still have an image of ‘hackers’ as teenagers in basements, but this stereotype is inaccurate,” he writes. “The vast majority of today’s hackers are employed by large criminal or state-backed entities. These organizations use sophisticated strategies and systems to carry out cyberattacks worldwide.”
A number of U.S. states are reacting to this new reality. As of July 2019, 20 states had drafted or passed data privacy laws.
According to Nachbahr, the main driver of this spate of regulations is consumer demand. Consumers are feeling the immediate effects of data breaches, with 33% of U.S. consumers reporting some form of credit card fraud or identity theft.
The most significant of these regulations is the California Consumer Privacy Act (CCPA), which went into effect on January 1st, 2020.
“The CCPA is forcing a much-needed evolution in dealerships’ information technology practices,” Nachbahr writes. “Compliance with the CCPA…requires a sense of urgency and a detailed plan of action. If your dealership hasn’t yet taken steps to protect consumers’ personal information, you may be vulnerable to a data breach and subsequent lawsuits in 2020.”