Shark Tank’s Robert Herjavec on Facebook, bitcoin, ransomware in addition to more

Robert Herjavec, a cybersecurity expert in addition to star of ABC’s “Shark Tank,” told CNBC on Tuesday that will people need to wake up when the item comes to protecting their data.

“I don’t think people take information as critically as they should today. the item is actually the modern-day weapon,” Herjavec said in an interview with “Mad Money” host Jim Cramer. “We are living in a cold war right today in addition to we’re under attack. We’re under attack every single day.”

The investor’s comments came in response to a scandal involving Facebook in which a firm creating ads for then-candidate Donald Trump’s 2016 presidential campaign reportedly mined data via 50 million Facebook users.

Herjavec, whose company, the Herjavec Group, is actually one of the top privately-held cybersecurity companies within the earth, questioned whether the issue could actually be considered a “breach.”

“is actually the item actually a data breach when the consumer has given permission for the data?” he asked on Tuesday. “The problem within the case of Facebook is actually I don’t know what you’re doing with my data. I may have given you permission to tell me which fridge to buy, although I probably didn’t give you permission to sell the item to the Russians or to somebody else who’s trolling that will data.”

Facebook’s chieftains have come under fire for their response — or lack thereof — to news of the issue involving research firm Cambridge Analytica.

although Herjavec argued that will the responsibility to curb issues like these shouldn’t necessarily fall to corporate executives.

“I hate to say the item, [although] the item’s the government,” Herjavec said. “I hate to say the item. The internet is actually all about free use, although the government has to come in in addition to put some regulation around This specific because the large corporations fundamentally aren’t going to care. Facebook in addition to companies like that will are becoming utility. There’s got to be some regulation around that will.”

The “Shark Tank” investor pointed to the U.K. as a Great example of a country using regulation to stem the unauthorized spread of consumer data.

“The U.K. is actually a leader in protection, although the key is actually you have to have teeth with the regulation,” he told Cramer. “GDPR is actually a 6 percent penalty to your global sales if consumer data is actually taken. today, do you think that will Facebook would likely have taken privacy more seriously if they have a 6 percent penalty?”

So as governments race to protect their consumers via being taken advantage of online, Herjavec had some advice for individuals running into problems with cryptocurrencies.

“First of all, I don’t think you’re safe in bitcoin. I do think bitcoin is actually extremely speculative. I do think the item’s going to go back up again. I do think people get very excited,” Herjavec said.

although when the item comes to ransomware, or a type of cyberattack in which your data is actually held hostage until a ransom is actually paid, Herjavec had a simple rule: don’t trust hackers.

“Look what happened with Facebook. Facebook assumed that will the people they sold the data to legitimately have destroyed the item in addition to they didn’t. So would likely you trust a criminal who says, ‘I’ve destroyed your data?’ The answer is actually no, of course not,” the cybersecurity chief said. “You shouldn’t pay ransomware. although a lot of people are.”

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