To better protect the security and confidentiality of customers' sensitive information, the Federal Trade Commission announced updates to the Safeguards Rule in October. The updates became effective on Jan. 10, 2022, but businesss were given until Dec. 9, 2022, to comply with the bulk of the requirements.
The rule requires financial institutions, which includes automotive dealerships, to develop and implement a written information security plan to "protect non-public personally identifiable financial information." The agency's intent is to curtail the security breaches and cyberattacks that lead to identity theft.
I'll provide the requirements and give you a checklist to ensure you're ready.