Will the Safeguards Rule Be Enforced?
Find out why it shouldn’t matter for your dealership.
By: Drew Dinan | PCR Business Systems
Will the Safeguards Rule Be Enforced?
Find out why it shouldn’t matter for your dealership.
By: Drew Dinan | PCR Business Systems
Is the FTC Bluffing?
To be honest, I was originally writing this blog post to remind Ohio auto dealers that if they don’t comply with the FTC’s Safeguards Rule by June 9, 2023, they could face fines upwards of $50,000 per incident.
But will the Safeguards Rule even be enforced?
We work with several Ohio auto dealers who think it will, while others think it won’t.
I’m not going to speculate because it shouldn’t matter either way for your dealership.
$50K is a large sum, no doubt, but the threat of an FTC fine pales in comparison to the real-world costs of a data breach. Just ask any dealership whose customer data was compromised. Damages incurred due to downtime, ransomware payments, and ruined reputation can cost hundreds of thousands if not more—potentially putting your dealership out of business and your staff out of work.
So why am I writing this post?
1) You need to protect your customer data regardless of what the FTC says.
According to IBM’s 2022 Cost of a Data Breach Report, 83% of all companies will experience some kind of breach.
2) The key to limiting losses is to make sure you have the proper security controls in place.
You need to be certain that a hacker cannot uncover any valuable data about your business or your customers. Think about it like a burglar breaking into an empty home. If your private data is protected behind an impenetrable cybersecurity vault, a hacker won’t find anything of value on your network.
3) We’re offering you a FREE Risk Assessment to find out if there are any vulnerabilities in your network that a hacker could exploit.
It only takes a few minutes of your time to get set up, and it will leave you with a better understanding of your level of protection.
4) Just in case the FTC isn’t bluffing, our free risk assessment will provide you with more information on how well your dealership stacks up against the Safeguards Rule.
Here is a checklist of the nine Safeguards Rule elements. Whether or not the rule is enforced, this is a solid guideline of the minimum security controls that your dealership should have in place. Please don’t hesitate to reach out to PCR Business Systems to schedule a free risk assessment or ask any questions about the Safeguards Rule.
PCR Business Systems is a preferred vendor of ComplyAuto
PCR is a SOC 2, Type 2 Certified Managed IT Provider, and a Preferred Vendor of ComplyAuto. Together, we help auto dealers implement solutions to fully comply with the Safeguards Rule, which are backed by ComplyAuto’s Compliance Guarantee.
Is the FTC Bluffing?
To be honest, I was originally writing this blog post to remind Ohio auto dealers that if they don’t comply with the FTC’s Safeguards Rule by June 9, 2023, they could face fines upwards of $50,000 per incident.
But will the Safeguards Rule even be enforced?
We work with several Ohio auto dealers who think it will, while others think it won’t.
I’m not going to speculate because it shouldn’t matter either way for your dealership.
$50K is a large sum, no doubt, but the threat of an FTC fine pales in comparison to the real-world costs of a data breach. Just ask any dealership whose customer data was compromised. Damages incurred due to downtime, ransomware payments, and ruined reputation can cost hundreds of thousands if not more—potentially putting your dealership out of business and your staff out of work.
So why am I writing this post?
1) You need to protect your customer data regardless of what the FTC says.
According to IBM’s 2022 Cost of a Data Breach Report, 83% of all companies will experience some kind of breach.
2) The key to limiting losses is to make sure you have the proper security controls in place.
You need to be certain that a hacker cannot uncover any valuable data about your business or your customers. Think about it like a burglar breaking into an empty home. If your private data is protected behind an impenetrable cybersecurity vault, a hacker won’t find anything of value on your network.
3) We’re offering you a FREE Risk Assessment to find out if there are any vulnerabilities in your network that a hacker could exploit.
It only takes a few minutes of your time to get set up, and it will leave you with a better understanding of your level of protection.
4) Just in case the FTC isn’t bluffing, our free risk assessment will provide you with more information on how well your dealership stacks up against the Safeguards Rule.
Here is a checklist of the nine Safeguards Rule elements. Whether or not the rule is enforced, this is a solid guideline of the minimum security controls that your dealership should have in place. Please don’t hesitate to reach out to PCR Business Systems to schedule a free risk assessment or ask any questions about the Safeguards Rule.
PCR Business Systems is a preferred vendor of ComplyAuto
PCR is a SOC 2, Type 2 Certified Managed IT Provider, and a Preferred Vendor of ComplyAuto. Together, we help auto dealers implement solutions to fully comply with the Safeguards Rule, which are backed by ComplyAuto’s Compliance Guarantee.
