Navigating the New FTC Safeguards Rule: Data Management Best Practices for Equipment Dealerships-Webinar Recording

Video Transcription

Video Summary

In the webinar, Kevin Landers from Rocketwise discusses the FTC safeguards rule, which is designed to protect the security, confidentiality, and integrity of customer information. The rule applies to financial institutions, including automotive dealerships. The webinar covers the nine elements of the rule that need to be implemented, including designating a qualified individual responsible for the program, conducting risk assessments, applying controls, validating controls, developing training and auditing programs, monitoring service providers, implementing a continuous improvement cadence, documenting an incident response plan, and providing annual reports to senior leadership. Landers gives examples of companies that have faced consequences for failing to comply with the safeguards rule, including fines and prison time for individuals involved. He emphasizes the importance of data security and the potential impact of a breach on a company's reputation and customer perception. Landers also offers a free cybersecurity vulnerability assessment to attendees of the webinar to help identify areas of vulnerability and tighten security measures. Ultimately, the purpose of the webinar is to educate automotive dealerships on the requirements of the FTC safeguards rule and encourage them to take steps to ensure the security of customer information.

Keywords

webinar

FTC safeguards rule

customer information

financial institutions

automotive dealerships

controls

training programs

incident response plan

data security

cybersecurity vulnerability assessment