The new Federal Trade Commission Safeguards Rule will be enacted in December, but dealerships may have a lot of preparation to do before then.
While many of the new rule requirements were already mandatory for dealerships, some featuring less flexibility also have been put in place to ensure the safety of their customers' private information.
"It's time right now that you need to get started because there's a lot of things that you need to start doing to be able to be in compliance with this rule come Dec. 9," ComplyNet President Adam Crowell said at a webinar last month for dealers presented by 700Credit and ComplyNet.
In October, the FTC issued its long-debated final amendments to the rule. The amended rule strengthens the requirements financial institutions, including auto dealers, must follow as part of their information security programs to protect sensitive consumer data.