The Federal Trade Commission (FTC) announced a change in the fall of 2021. The Safeguards Rule, which was created to protect customer financial data, would be expanded to include non-financial institutions that conduct financial transactions, including auto dealerships (that contain over 5,000 customer records). By now, almost all dealers are familiar with these requirements of the FTC Safeguards Rule.
October is Cybersecurity Awareness Month, which focuses on increased awareness of cybersecurity threats and best practices to protect data. Data privacy is more critical than ever before with more of our personal and dealership data is digitized and shared online. The more you know about data privacy, the better you will be able to protect yourself from risks.
Data Privacy and Security: The Basics
No matter how much things have changed, the automotive industry is still a relationship business. Whether customers are connecting with you online, on the phone or in person, they still want to be treated with care and their time to be respected. Seeing your team and your processes from the customer’s perspective is the best way to figure out what’s working and what needs to be improved.
