WASHINGTON — U.S. auto dealerships will be expected to toughen up their information systems security following a series of sweeping amendments to the federal Safeguards Rule, which dictates how financial institutions protect consumer data.
The Federal Trade Commission issued a final rule last week cementing in place more detailed procedures and specific criteria that those institutions, including auto dealers, must implement as part of their information security programs to curb data breaches and cyberattacks that could jeopardize sensitive customer data.
Now dealers are left to sift through the updated regulations and figure out to what degree compliance will impact their bottom lines.