Password Managers Can Shield Auto Dealerships from Cyber Threats
The automobile industry is one of many industries in which the Federal Trade Commission (FTC) enforces regulations to safeguard consumers against unfair and deceptive business practices. Dealerships extending credit and financing alternatives, such as auto loans and leasing options, fall under the legal category of a lender and have to follow the FTC Safeguards Rule, or they risk a fine of up to $100,000 per violation.
Let’s dive into how this rule impacts your auto dealership and how you can ensure you’re compliant.
What is the FTC Safeguards Rule, and how does it affect auto dealerships?
According to the Safeguards Rule, auto dealerships must protect their customers’ information by developing, implementing, and maintaining a comprehensive security program.
Here’s a list of steps that can help you meet the requirements:
- Assign a qualified IT professional to manage your information security program based on a written risk assessment. The risk assessment should identify potential cybersecurity risks.
- Assess the cybersecurity program periodically to stay on top of gaps in security.
- Store customer information in an encrypted state to protect against breaches.
- Implement access control to restrict and monitor who can access sensitive customer information.
- Enforce multifactor authentication (MFA) to add an additional layer of protection against hackers.
- Conduct regular IT security training to educate staff about the severity of data breaches and other cyber threats.
- Develop an incident response plan to mitigate risk.
Want to learn more? Check out the FTC’S Privacy Rule and Auto Dealers sheet to see frequently asked questions and answers.
A password manager like Dashlane can help you meet some of these requirements by providing:
- Centralized credential management: Dashlane gives you and your team a centralized way to store, retrieve, and access sensitive information, such as passwords and passkeys.
- Encrypted vault: Credentials are safely stored in an encrypted vault, which can only be accessed by an authorized user.
- Access control: Securely share logins with individuals or groups. That way, you can restrict access to systems and accounts that have customer information.
- Stronger authentication: Enforce the use of 2-factor authentication (2FA) to add an additional layer of protection.
- Activity Logs: Activity Logs help you monitor and prevent unauthorized access, track plan member activity, and allow for easy auditing with the option to download a CSV.
- Dark Web Monitoring: Get real-time threat intelligence with automatic alerts notifying you if a password matching your Master Password is found on the dark web or if anyone has accessed any of your personal info illegally on the dark web.
Complying with the FTC Safeguards Rule doesn’t have to be overwhelming. With tools like Dashlane Password Manager to help you safely store and access data, you can get back to business.
Learn about cybersecurity best practices, how password managers can help, and the role your team plays in protecting data in our Password Management 101 white paper.
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