What is Data Compliance?
Today dealerships are dealing with more data than ever before. Whether its digital information stored in your CRM, credit applications sitting on sales desks, or prior owner data stored in the depths of a glovebox, it is all subject to Federal Trade Commission compliance mandates and customer privacy expectations. This is true for all types of dealers: automotive, powersport, marine and RV dealerships. No matter what you sell, you face a growing need to prioritize information security compliance. The new challenge of FTC regulations complicates things further. We break down what you need to know about getting compliant with FTC guidelines and more importantly, protecting your customers’ private, personal data.
Understanding Information Security
First, let’s define the nebulous term “Information Security.”
Information security refers to the administrative, technical and procedural controls your dealership implements to protect the private data customers share with you. For dealerships, this includes safeguarding essential data like customer names, addresses, credit scores, and financial histories. It also involves making sure your digital systems are resilient to cyber criminals, and your employees are aware of how to protect customer data and the digital systems on which this data is shared and stored.
Importance of Information Security and Regulatory Compliance
Our customers expect that the organizations, with whom they do business, do everything they can to protect their data from cyber criminals. State and Federal agencies have established laws and rules that establish a baseline standard for information security and data privacy. Failing to comply with these regulations can lead to severe penalties, legal consequences, and reputational damage. In an age where data breaches, phishing attacks, and identity theft are prevalent, dealerships must prioritize robust information security practices to ensure the confidentiality and integrity of customer private data and dealership sensitive data.
Navigating Information Security Compliance and Customer Expectations
Finding a path through the minefield of regulatory compliance can be difficult. A2C will outline the key steps your dealership needs to take on its information security journey to protect its customers’ data.
Achieving security is not a one and done item you can check off your to-do list. It’s an ongoing journey. One that requires a plan of consistent and periodic steps to follow that will protect your business and customers. You don’t need to be an expert in cybersecurity or in state and federal regulations, but it does help to have a partner like A2C to help ensure you’re on the right road.
Assess Risks
The information security journey begins with a thorough risk assessment. Dealerships must identify potential vulnerabilities in their data handling processes, evaluate how data is collected, stored, and transmitted, and pinpoint areas that require additional security measures.
The A2Safe Hub™ Dashboard & Reports offer self-assessments so you can always be aware of the level of risk your organization faces. The ongoing risk status updates with A2C Simple Assessments™ are the fastest and easiest-to-use self-administered assessments on the market.
Develop Policies and Procedures
To be a secure organization and meet the expectations of state and federal regulatory agencies, dealerships must develop comprehensive information security policies and procedures tailored to their specific needs. These documents outline how sensitive data is handled, who has access to it, and what security measures are in place.
A2C Policies and Procedures™ provide a full suite of enterprise-grade information security policies and procedures. Dealerships can adopt and edit policy and procedure templates to best align with their specific dealership or dealership group and use these documents to create the expected and required Information Security Program.
Employee Training
An informed workforce is essential in achieving a security culture in your organization. Regular employee training sessions are crucial to educate staff about data protection best practices and the importance of proper information security and cybersecurity awareness.
A2C Training and Testing™ modules offer information security awareness training and testing for your employees as required by federal and state regulations. These modules allow participants to learn at their own pace, with the flexibility to start and stop as needed, while tracking progress to completion. Moreover, the training platform provides visibility to dealership leadership on employee completion status. The A2C Training and Testing program is expandable and flexible. By adding simulated phishing training, you can address the most prevalent threat to your data, employees, falling for phishing campaigns.
Third-Party Oversight
The average dealership deals with a multitude of third-party service providers with whom they share varying amounts of data. It’s therefore imperative to oversee their information security programs and be aware of the risks third-party partners may pose to your private data. Reviewing their practices and ensuring they align with your dealership’s standards is essential to maintaining data integrity and meeting regulatory compliance.
A2C Vendor Assessment™ simplifies vendor information security engagement through a straightforward vendor-completed solution. Illuminated dashboards and reports provide visibility for both dealerships and their vendors to review information security program maturity at a glance.
Technology Solutions
In today’s digital age, more and more data are shared, stored, and accessed online. Technology is your best asset to achieving, and maintaining, information security compliance. Online threats grow each day. You need to focus on running your business, not running defense against artificial intelligence. The right technology solution partner can do that for you, so you can focus on what matters; your customers.
A2C has a comprehensive toolkit of advanced technology solutions to suit your dealerships’ specific needs. These include offerings like continuous monitoring and anti-phishing products. Our approach will give you everything you need. And if you don’t need those solutions, that’s fine too. You get all of the support you need without paying for what you don’t. And our extensive toolkit of security solutions is always available to meet your needs as staff knowledge and programs grow and the threat environment evolves. And you’ll only pay for the tools that make sense to you!
The Benefits of Compliance
Data Protection
Striving to be information secure safeguards your dealerships data, reducing the risk of data breaches. Information Security measures act as a shield, protecting dealer data from unauthorized access, phishing attacks, and identity theft. This not only preserves the integrity of customer data but also safeguards your dealership’s reputation. When your goal is to be a secure organization, you will also be a compliant organization!
Legal Protection
Establishing a security culture and demonstrating regulatory compliance ensures your dealership is legally protected. Adhering to regulations mitigates the risk of legal action and costly fines, offering peace of mind in an increasingly litigious environment. Dealerships that implement information security best practices, train their employees regularly and actively maintain an Information Security Program significantly reduce the likelihood of class-action lawsuits and regulatory action.
Reputation Management
Strong information security practices are synonymous with trustworthiness. Demonstrating your security practices and culture enhances your dealership’s reputation, demonstrating trustworthiness to customers and making it an attractive choice for customers concerned about their personal data’s safety.
Solutions for Information Security and Regulatory Compliance
At Accelerate2Compliance – A2C, we’re here to make the information security and regulatory compliance process easy to understand and manage for you.
Whether you’re an independent or franchise dealer in automotive, RV, power sports, marine, or some other vertical, you’re in the business of selling and servicing products. Studying the ins and outs of information security and regulatory compliance would be a waste of your time.
The A2Safe HubÒ portal breaks information security down so you can understand and manage your specific requirements and manage your risk – quickly and easily.
If you need help building and maintaining your Information Security Program, the only question you have to ask is “Can A2C help you do everything you need?” And the answer is yes.
We offer a comprehensive solution to streamline Information Security and Regulatory Compliance for any type of dealership. Our platform simplifies the process by providing tools for assessing risk, implementing policies and procedures, offering employee training, and assessing vendor information security risk. We also offer a comprehensive toolkit of advanced technology solutions to suit your dealerships’ specific needs.
Are You Information Secure?
Information security is not just a legal obligation but a vital aspect of ensuring the longevity and trustworthiness of your dealership. By prioritizing data protection, adhering to state and federal regulations, and leveraging solutions like A2C, you can confidently navigate the complexities of information security and compliance. This not only preserves the integrity of dealership data but also reinforces your reputation as a trusted business in your community.
Not sure if your information security program measures up? Answer a few questions [LINK] and we’ll help you get started.
To streamline information security and regulatory compliance, consider solutions like Accelerate2Compliance (A2C). A2C offers a comprehensive platform designed to simplify information security and regulatory compliance for dealers. Our tools make it easy to assess risk and compliance status, implement policies and procedures, provide employee training, assess vendor risk and implement the technical solutions needed to better safeguard consumer date. A2C ensures that you have the necessary tools at your disposal to protect your dealership’s data and meet the expectations of your customers and state and federal regulatory agencies.
At A2C we know what we’re doing, so at the end of our process you can rest assured you’ll be headed down the road to security and compliance.
As dealerships continue to evolve, information security will remain a cornerstone of success, safeguarding both customer trust and business viability. By taking the journey to becoming a secure dealership and establishing a security culture, your dealership will be a trusted partner for customers and vendors, securing your business for years to come.