F&I product and training provider EFG Cos. received certification for data security last month, which it says will distinguish it from other providers amid a surge in consumer data breaches across the auto finance marketplace.
EFG, of Irving, Texas, says the voluntary Service Organization Control 2 certification should demonstrate to clients and contract holders that the company has the necessary processes in place to ensure information stored on its servers "is more secure than almost any other product provider."
John Pappanastos, CEO of EFG, said in a statement that as automakers, lenders and dealers recognize the urgency for data protection management, it's imperative they partner with vendors and administrators with similar priorities. EFG underwrites and administers a broad F&I product line, working directly with agents, dealers and lenders.
"In this digital era, our dealer and lender clients rely on EFG's technology for everything from rating products and processing claims to reviewing reinsurance positions and billing," Pappanastos said.
The certification, issued by the American Institute of Certified Public Accountants, requires companies take certain steps to assess data security and identify potential vulnerabilities.