The FTC's Safeguards Rule has updated dealer guidelines for protecting customer data from breaches and cyberattacks. The new rule sets specific criteria, formal employee training, and third-party audit requirements to ensure a dealer and its vendors follow the guidelines.
Specifics? Many dealers will find they are already in compliance. The 2003 Gramm-Leach-Bliley Act designated dealers as financial institutions due to customer financing agreements.
All dealers will be required to: