Auto dealerships are irresistible targets for cybercriminals.
The quantity of client knowledge collected, processed and saved inside seller administration programs โ Social Security numbers, addresses, credit score scores and financing info โ is a jackpot for dangerous actors and identification thieves. The FTC reported 70,000-plus circumstances of identification theft associated to auto loans and leases in 2021 alone.
The Safeguards Rule, which takes impact on June 9, is a set of data safety necessities designed to guard client knowledge from unauthorized entry, use, disclosure, destruction or loss. Any monetary establishment beneath FTC jurisdiction that is not lined by the Gramm-Leach-Bliley Act should comply โ together with auto dealerships.
The Safeguards Rule left many dealerships scrambling to grasp necessities and implement safety measures. But as an alternative of seeing the foundations as extra regulatory hoops to leap by way of, dealerships ought to view these necessities as each a short- and long-term profit to their enterprise and prospects.
While it will be straightforward to view the Safeguards Rule as check-the-box duties, compliance affords dealerships compelling advantages: A strong safety and privateness program will positively influence practically each side of the enterprise, from constructing buyer belief to streamlining operations and lowering threat.
Source: www.autonews.com