The Importance of Data Security for Auto Aftermarket Companies

The Importance of Data Security for Auto Aftermarket Companies

Introduction

Technology has always been at the forefront as the primary driver of growth. Today, the world is talking about the Industrial Revolution 4.0, which involves rapid digitalization of processes through intelligent technological solutions such as artificial intelligence. However, with that said, the confluence of innovative technology with Big Data has, unfortunately, created a sizeable pit that threatens operations and the harmonious existence of the two: cybercrime.

In recent data published by McAfee revealed that the cost of cybercrime in 2020 was a whopping $1 trillion. However, the problems don’t end here; data breach also is just as dear to the global economy – a report by IBM confirms it at a figure of $4.24 million in 2021.

With digitalization comes the responsibility of data security. Working in the digitalized automotive aftermarket industry, how assured are you about the security of your sales data? The world is at a juncture where the first imperative towards moving into a digitalized, automated business ecosystem is understanding the data security of automotive aftermarket companies. Concerning the technologies deployed for data management and the technologies in place for securing this data, quite a few strategies and implements exist to combat the risks associated with automation, Cloud, and similar applications.

The first steps to understanding data security come with knowing its real-world significance. So let’s read up a little on that.

Significance of Data Security Today

Data security doesn’t just concern digitalization; hardware protection also falls under this umbrella. Human behavior and habits that could lead to data breaches and even theft, information leaks, device damage, or any other security issue are also considered an aspect of data security.

Not surprisingly, Gartner predicts that by 2025, 60% of the organizations amongst its respondents would consider cybersecurity risk a primary factor while conducting transactions related to third parties, business engagements, and the like over the network.

Data security measures have, up until now, been viewed with a highly short-sighted view, when in truth, they secure the three pillars of security that are necessary for the safe functioning of an organization:

  • Cybercrime
  • Insider threats and risk factors
  • Human error

As the amount of data increases, which Statista corroborates in its report at 79 zettabytes in 2021 (predicted to reach 181 zettabytes by 2025), inundation creates massive problems in data governance. The constant inflow of information also demands proportionate handling, manipulation, and storage demands. As the scale of data grows, so do security issues. Fortunately, technology has also bestowed upon the world specific methods, solutions, and strategies that work well to keep data mishaps at bay. Let’s take a look at them.

Methods of Data Protection

Among the most popular ways to secure auto aftermarket data are the following methods in use today.

  • The most notorious form of data protection measure, and perhaps the last line of defense against theft, is encryption. An algorithm works to scramble the digital data into an incomprehensible format which can only be decrypted using a key – which only authorized personnel to have
  • Data Erasure. Going one step further from data wiping, data erasure ensures that the existing data is overwritten in a way that makes older data unextractable
  • Data Obfuscation. In cases where the data contained in a document is necessary for application development, training, or some other internal activity, data obfuscation (or masking) helps conceal sensitive data in the document, rendering it meaningless for unauthorized or inadvertent accessors.

Many organizations put strategies in place with a combination of security features to ensure their data is as safe as possible.

Data Security Strategies

An ideal data security plan isn’t exclusive of factors outside the hardware involved. Setting the proper protocol for data management and governance and education of the employees also comes under the data security ecosystem. A good strategy addresses the following aspects of data protection:

Physical Security Strategy

The part of your security strategy that assures the physical safety of the devices or premises where the data is stored is just as important as setting up a cybersecurity measure. Whether your servers and other hardware be on-premises or on Cloud, a benchmark for physical safety measures needs to be set to protect the assets. You can put measures in place on-premises for fire safety, climate protection, and other risks. If you are partnering with a Cloud provider, they can assure these safety measures for you.

Accessibility Controls

Access management remains the essential data security measure an organization can take. Creating profiles for employees based on their data needs helps develop a repository of restricted-access documents that are only available to view for authorized personnel that specific, precise prerequisites (passwords, ID verification, hierarchy in the organization, role, etc.). Creating personas for various employees also helps demarcate documents for data obfuscation other access restrictions.

Backups and Updates

More often than not, running outdated applications and software creates openings for data breaches and cybercrime risks. Creating schedules for regular security patches and updates to incumbent solutions is the first step to ensuring a sound data security environment. The next step is scheduling backups protected by the same layers and conditions of security that the frontline data is. Finally, if frontline data is compromised, the backup data should be readily used to keep the organization functioning.

Education of Employees

Human errors are a significant source of data leaks and confidentiality breaches. Therefore, organizations should conduct frequent workshops to keep their workforce updated with the latest security protocol and mandatory data security practices. Additionally, a reporting mechanism should be put in place where social engineering or defection incidents are witnessed. When employees form a protective shield around organizational data, a good percentage of security risk is eliminated

Deploying Professional, Dedicated Solutions

Antivirus software is a thing of the past. For enterprise-level security, scalable suits should be deployed that cover all data security needs on-premises or on the Cloud. This includes all the significant aspects:

  • Protection against data loss
  • Protection against breaches and leaks
  • Protection against ransomware, malware, phishing, hacking, and other cyber-related threats
  • Updates, backups, and recovery
  • A robust framework that creates a mesh of security in each layer

Frameworks such as Microsoft Azure incorporate security measures that are highly secure, robust, and Cloud-native, making them highly effective.

Data Security and Data Go Hand-in-Hand

One cannot exist without the other. With the change like data circulating today, the security measures, too, need to evolve accordingly.

Digilytics bases its AI data solutions on the Azure framework to ensure the highest level of security. Digilytics helps create meaning from unstructured data through AI and ML, also creating a secure environment for the data to flow freely in.

Digilytics RevUP empowers its users to log in with their individual username and password, ensuring that only authorized users can access the information. Within Digilytics RevUP, access to data is restricted so that users can only see what they need to for their job.

We are committed to protecting your business data. That’s why we deploy the most stringent security measures and perform routine security audits and backups to ensure that your data is secure.

Data management and handling come with a responsibility towards data security as well - with Digilytics RevUP, your auto aftermarket organization is empowered for it.

Digilytics RevUP is an AI charged revenue growth management product for the auto aftermarket.