Every Licensed Retail Dealer Needs to Follow this Rule

What’s up CEOs! 

If you're a licensed dealer, you handle sensitive customer information. it's important to be aware of the Federal Trade Commission's Safeguard Rule. This rule sets standards for protecting customer information and can help prevent data breaches and identity theft.

Key Objectives of the Safeguard Rule:

1. Protecting Consumer Data: The primary objective of the Safeguard Rule is to protect the privacy and security of consumer data. It requires businesses to establish policies and procedures to safeguard sensitive information, such as social security numbers, bank account details, and credit card information, from unauthorized access and misuse.

2. Preventing Data Breaches: The rule aims to minimize the risk of data breaches by ensuring that businesses have robust security measures in place. This includes implementing secure data storage systems, encrypting sensitive information, and regularly monitoring and testing the effectiveness of their security protocols.

3. Promoting Consumer Trust: By enforcing the Safeguard Rule, the FTC seeks to foster consumer trust in financial institutions and other entities that handle personal information. When consumers have confidence in the security of their data, they are more likely to engage in online transactions and share their information with reputable organizations.

If you want assistance with putting the 10 Steps of the FTC Safeguard Rule in place, check out the Certified Dealer Club at www.autodealerbschool.com/cdc.

If you struggle with getting started, feel free to schedule a strategy session for the best plan for you moving forward at www.autodealerbschool.com/strategy.