What F&I agents need to know about the Safeguards Rule in 2023.
A Dealer's Greatest Cost Risk is a Data Breach (Not FTC Fines)
$228,125
Average dealer payout to thieves in a ransomware attack. (1)
84%
Of consumers would say they would not go back to buy another vehicle after their data had been compromised. (1)
70%
Reduction in the cost of a data breach for organizations implementing ongoing protections. (2)
(1) CDK Global. “State of Cybersecurity in the Dealership 2022” cdkglobal.com/insights/state-cybersecuritydealership-2022. September 27, 2022.
(2) IBM Security. “Cost of a Data Breach Report 2022” ibm.com/reports/data-breach
Most Safeguards Are Due Now, Not in June
Due December 9th, 2022
Security Awareness Training for Employees
Continuous Monitoring
Unauthorized Activity Monitoring
Systems Monitoring and Logging
Data and Systems Inventory
Written Information Security Program
Secure Development Practices
Secure Disposal Practices
Change Management Procedures
Annual Report
Due June 9th, 2023
Data Encryption
Multifactor Authentication
Overseeing Service Providers
Qualified Individual
Written Risk Assessment
Access Controls
Training and Testing security personnel
Written incident Response Plan
Compliance Doesn't Equal Security
Example: The requirement of "Continuous Monitoring" can be solved in two ways, but only EDR protects data and reduces the chance of a breach.
Endpoint Detection & Response
24/7 Data Protection
Stops cyber attacks
Expert humans do the work
Pen Test & Vulnerability Scans
Doesn't protect data
Snapshot of vulnerabilities (2 per year)
Requires technical expertise
Why Partner With Mosaic?
What's Unique About Mosaic's Solution?
Each dealer gets a dedicated human guide
Mosaic does much of the work for dealers
17+ years in retail automotive compliance
Consistently costs less than other "solutions"
WATCH: Mosaic's Safeguards Solution
Mosaic Will Build a Dealer's Onboarding Plan and Execute Setup Together
How to Help Your Dealers with Safeguards
Step 1:
Schedule a dealer demo with Mosaic
Have your dealer complete the Safeguards Questionnaire
Step 2:
The dealer will receive a quote and review it with a Safeguards expert at Mosaic
Step 3:
Once e-signed, a dedicated account manager will schedule their onboarding