The FTC has extended the compliance deadline for the Safeguards Rule by six months – to June 9, 2023
The FTC has extended the compliance deadline for the Safeguards Rule by six months – to June 9, 2023 – in response to reports of personnel shortages and supply chain issues. If you’ve already been working on implementing the revised Safeguards Rule at your dealership by the original December 9th deadline, that’s great for your dealership and your customers.
Keep up the excellent work, and know that you are now in a great position to meet the new deadline. If you haven’t started yet, don’t let this extension keep you from getting started, as there are numerous requirements to meet. NYIADA has partnered with TIADA, and If you are unsure where to start, please visit TIADA’s Free Safeguards Rule Toolkit.
Last year the FTC announced updates to the Safeguards Rule, and NYIADA has been helping dealers meet those requirements. If you are not already aware, you can meet the FTC training requirements through TIADA’s Dealer Education Portal.
WHAT PROVISIONS ARE INCLUDED IN THE SIX-MONTH EXTENSION?
Consult the Federal Register Notice for details, but the extension applies to provisions in the revised Rule that require dealerships to:
designate a qualified person to oversee their information security program,
develop a written risk assessment,
limit and monitor who can access sensitive customer information,
encrypt all sensitive information,
train security personnel,
develop an incident response plan,
periodically assess the security practices of service providers, and
Implement multi-factor authentication or another method with equivalent protection for anyone accessing customer information.