WASHINGTON — Compliance with recent changes to the federal Safeguards Rule likely will mean extra upfront costs and operating expenses for U.S. auto dealerships, IT consultants and compliance experts say.
The cost of complying with the new regulations ultimately depends on how well dealers have been adhering to requirements under the original rule that took effect in 2003 and whether they've prioritized cybersecurity best practices at their stores, the experts told Automotive News last month.
Still, despite the potential cost burden, dealers must begin taking necessary steps to comply, including putting pressure on their technology vendors to ensure they can meet the new data security requirements.