Data Lockdown

Contributing Author:
Maurice Hamilton
Vice President
EFG Companies

According to their the 2019 MidYear QuickView Data Breach Report published by Cyber Risk Analytics, 3,800 publicly disclosed data breaches occurred in the first six months of 2019, exposing up to 4.1 billion records. This represented a 50% increase over the last four years.

Last week, Experian issued their Data Breach Industry Forecast for 2020, reflecting on the state of cyber security. Their primary takeaway – while a data breach is probably inevitable, companies must prioritize prevention as well as response.

Regardless of the industry, as companies increase their reliance on technology to house personal, confidential information, data breach attempts are expected to increase as well.

For the last 10 to 15 years, dealers have steadily increased the role technology plays in the dealership. Now, they not only use technology to preserve digital records of every piece of paperwork generated in the dealership, but dealers also rely on sophisticated platforms to submit and receive loan applications, rate products, process claims, and more.