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New Amendment to FTC Safeguards Rule Requires Non-Banking Financial Institutions to Report Data Security Breaches

October 27, 2023

The FTC has approved a new amendment to the Safeguards Rule that requires non-banking institutions to report certain data breaches and other events to the agency in the event they occur. This change will now require businesses outside the banking space, including motor vehicle dealers, to notify the FTC as soon as possible when a breach occurs that involves at least 500 consumers. This new requirement will take effect on May 13th, 2024.

For dealerships who do not already have a comprehensive solution for maintaining FTC compliance, this new development further validates the importance of implementing a solution. Fortunately, A2C can help. Our platform simplifies the FTC compliance process by providing the tools, policies, procedures training, assessments and technology solutions to suit your dealerships’ specific needs.

Follow the link below to view the complete FTC announcement:

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Why A2C?

Compliance is an incredibly complicated topic, but our solution is the opposite of complicated: it’s just simple. We take the complexities of information security compliance and simplify them, so you can know what you need to do, do it efficiently, then get back to doing what you do best. You’ll get everything you need from us, and that’s all – you will not be paying for extras you DON’T need. We know what we’re doing. As you begin your information security compliance journey with A2C, you can rest assured you’ll be headed down the road to compliance.

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