During a breakout session at the recent NIADA conference in Las Vegas, a question that held the attention of every dealer was "Will we see enforcement action under the Safeguards Rule?" The answer was crystal clear... "abso-freakin'-lutely!" In this whitepaper, we’ll reveal:
How and when the FTC plans to enforce the Safeguards Rule on dealerships
Who is on the blame line for this Rule (Hint: It’s not just the dealer principal)
A concise checklist to confirm your store has what it needs
Mosaic was built by attorneys with decades of experience in the retail automotive industry. Mosaic helps dealers establish a compliance culture by providing the broadest range of legal training modules, learning paths, and compliance tools currently available at any price.
Mosaic’s Compliance Management System is called ecompliance.training. This platform delivers role-specific educational content to tens of thousands of dealership employees around the country each year, helping employees to understand their legal responsibilities and protect dealers from litigation.
Our web-based legal compliance training has received the Diamond Dealers’ Choice Award for Compliance Training for eight years in a row. During this time, Mosaic was the provider of compliance training content for American Financial & Automotive Services which received the award from 2016-2021.
What does the best Safeguards solution for dealerships look like?
Your Ultimate Guide to the Best Safeguards Solution for Dealerships.
When it comes to finding the best Safeguards solution for your dealership, not all solutions are created equal. Choosing correctly can be the difference between sleeping well at night and having a class action lawsuit. So, what exactly does the best safeguards solution for dealerships entail? Here’s what to look for as you discern.
The Best Safeguards Solution is Customized for Your Dealership
The best safeguards solution for automotive dealerships is customized for your store(s). Every dealership environment is unique and yours may already have some Safeguards in place. The best Safeguards solutions will tailor the services and price to you, based on factors such as the number of endpoints and employees. This approach helps you avoid breaking the bank while ensuring the necessary protections are in place. Note: beware of “flat rate” solutions that promise “complete compliance.” While these models yield attractive marketing, they often lack completeness and overcharge to achieve a flat rate offer.
The Best Safeguards Solution is Comprehensive
If you are going to comply with the Safeguards Rule, (it is the law as of June 9th, 2023), make sure to do it right. The best Safeguards solutions will educate dealers on the requirements. The team will be intimately familiar with all requirements of the Rule, ask critical questions about your security posture and be able to recommend automotive-specific workflows/tools to reduce your risk of a data breach at the dealership. Here’s a requirements checklist, so you know what’s needed and can verify your Safeguards solution is comprehensive.
The Best Safeguards Solution Includes Expert Support
There is no substitute for help when you need it. The best Safeguards Solutions will provide dealers with guidance, advice, and tools that make continuous compliance a seamless part of your daily workflow.
For instance, the ideal dealerships Safeguards solutions will always offer 24/7 Endpoint Detection and Response (EDR) combined with a Security Operations Center (SOC) to ensure real-time protection against endpoint hacks and rapid threat mitigation. Because this is always on, you can rest easy while experts keep you compliant with your requirement of continuous monitoring.
The Best Safeguards Solution Offers Continuous Training
Continuous learning and training are vital for dealerships given the frequent turnover. The best safeguards solution for dealerships will combine security awareness training and simulated phishing training to arm employees with the knowledge and skills to fend off the most common cyber threats.
Top solutions will include progressively more challenging real-world content, to optimally fortify your frontline defenses.
The Best Safeguards Solution Saves Time and Money
Lastly, the best safeguards solution for dealerships should offer time and cost efficiency. Navigating complex compliance requirements can be time-consuming, making it crucial to partner with a company specializing in dealership safeguards compliance.
A compliance solution that is specialized for the automotive industry, can save dealers significant time and money. The team will know your business infrastructure and provide processes that naturally integrate into your environment.
In conclusion, the best safeguards solution for dealerships will be tailored to your store, include all the required protections, and provide human help to implement your Safeguards. If you would like to learn more about Safeguards compliance for dealerships, Mosaic is here to help.
