What Capital One's data breach means for auto finance | Auto Finance News | Auto Finance News

What Capital One’s data breach means for auto finance

In the wake of Capital One Financial’s data breach, auto lenders should evaluate ways to tighten up cybersecurity and identify points of vulnerability.

The breach compromised 140,000 Social Security Numbers, and 80,000 bank account numbers were made available, according to the bank’s response to the breach. However, the impact might be “somewhat contained,” said Brian Landau, senior vice president and TransUnion’s auto line of business leader.

“Based on our analysis to date, we believe it is unlikely that the information was used for fraud or disseminated by this individual,” the bank noted. “However, we will continue to investigate.”

Yet, the threat alone should be enough to prompt auto lenders to double-check their cybersecurity practices, said Jeremy Acevedo, Edmunds manager of industry analysis. “On the heels of a wave of massive data breaches, the auto loan industry needs to redouble security and search for any points of vulnerability,” he said. “With so many involved parties in the auto loan process, it is imperative to get buyers, dealers and lenders on the same page.” 

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