Get Risk Assessments For New York Car Dealers To Comply With FTC Safeguards Rule

By now, you probably heard about the Federal Trade Commission making some changes to the Safeguards Rule and you're wondering how that will affect you.

The fact is: the FTC made some fairly complicated amendments and you don't have much time left to get the work done.

The deadline is December 9, 2022 - and, as unbelievable as it sounds, we're almost done with this crazy year so December is just around the corner.

If you own a car dealership in New York, reach out to 2Secure Corp at https://www.2secure.biz

As explained in the May 2022 guidance published by the Federal Trade Commission (FTC), the revised Safeguards Rule requires auto dealers to address a number of technical and procedural issues to ensure protection of personal and customer data. The first step is the appointment of a Qualified Individual, which 2Sercure will be happy to provide you with!

Your appointed Qualified Individual will develop and oversee your dealership's security system and ensure compliance with other requirements set out in the revised Rule - including risk assessments carried out to identify and remedy points of vulnerability. 2Secure's cybersecurity experts will perform external and internal vulnerability assessments, as well as penetration testing and ransomware simulations. So, you get the full package.

“Another major FTC requirement is the implementation of safeguards to manage risks,” explained a company representative. “This includes a full review of access control, encryption of stored data where it resides and when in transit, a thorough assessment of in-house and third-party apps, and monitoring and testing your safeguards,” they added.

2Secure also points to the importance of staff training - another requirement under the revised Rule. Did you know that human error was responsible for 82% of all data breaches? Yep, in most cases, these horrible attacks happen because the staff has no clue about cybersecurity. With 2Secure, your staff will receive periodical training to stay on top of the latest security threats.

And if after all this you're not sure if you really need to comply, perhaps this will convince you:

- fines and penalties alone could cost you around $1.9 million

- the total cost, however, is closer to $15 million because you need to account for the loss of productivity and revenue and business disruption expenses

Even if you do have $15 million to throw away, compliance is still the better option as it won't cost you nearly that much.

About 2Secure Corp

Founded in 2003 by cybersecurity expert Yigal Behar, the firm provides cybersecurity solutions tailored to the needs of small to medium-sized businesses. Along with the Safeguards Rule compliance service, the 2Secure provides a compliance service for NYDFS 23 NYCRR 500.

“2Secure does a quality job in a timely manner,” said a satisfied client. “Yigal worked with us from the initial testing phase through the final remediation. A useful report was also provided to aid in understanding the network security of our company. Would recommend him to another company trying to get a handle on their security issues.”

If all this talk of Federal regulations, fines, and deadlines is making you feel a bit blue, allow me to sign off on a funny note.

A single zombie is a scary sight - but a row of zombies forms something even scarier:

A deadline.

Sorry! I betrayed your trust - no excuses. But I did make you chuckle at least a little, right?

Seriously though, there's no need to be scared of deadlines - at least the non-zombie kind! - go to https://www.2secure.biz/ftc-safeguards-financial-institutions-rule and make sure you meet all the FTC requirements before the deadline!

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Created on Oct 25th 2022 23:30. Viewed 121 times.

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