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Locknet® Managed IT offers security, network defense, backup and managed services to help businesses in Wisconsin, Minnesota, and Iowa develop successful technology strategies, whether you’re small to medium sized, regulated, non-regulated, or have little to no IT staff.
With more than 85 technicians throughout our service areas of Wisconsin, Minnesota, and Northern Iowa, we have someone close by to help. The average response time for a technician to arrive at your site is under 4 hours.
Locknet® Managed IT offers security, network defense, backup, and managed services to help businesses in Wisconsin, Minnesota, and Iowa develop successful technology strategies, whether you’re small to medium-sized, regulated, non-regulated, or have little to no IT staff.
With more than 85 technicians throughout our service areas of Wisconsin, Minnesota, and northern Iowa, we have someone close by to help. The average response time for a technician to arrive at your site is under 4 hours.
Another day. Another data breach. More than 4,100 publicly disclosed data breaches occurred in 2021 with approximately 22 billion records being exposed. When the final numbers come in for 2022, it is expected to match or exceed that amount by as much as 5%. Government and regulatory agencies are taking a closer look at how businesses protect personally identifiable information.
In 2022, The Federal Trade Commission announced an updated rule that strengthened the data security safeguards that financial institutions are required to put in place to protect their customers’ financial information. The FTC’s updated Safeguards Rule requires non-banking financial institutions, such as mortgage brokers, vehicle dealerships, and payday lenders to develop, implement, and maintain a comprehensive security system to keep their customers’ information safe. The rule was effective January 10, 2022, and compliance was required by December 9, 2022.
The Final Rule of the Safeguards Rule provides financial institutions the flexibility to design an information security program appropriate to the size and complexity of the organization, the scope of activities, and the sensitivity of customer information. But it also adds requirements designed to improve the accountability of a financial institution’s information security program.
One of the largest industries impacted is auto dealerships. Any auto dealership that handles sensitive customer financial information will be required to comply with the newly updated FTC Safeguard Rules.
Here is a breakdown of what these additional security safeguards will require for auto dealerships:
The qualified individual will need to either outsource or oversee the following Safeguard Rule requirements:
Identifying a qualified individual is a requirement, and the role carries a lot of responsibility under the new FTC Safeguards. They should be overseeing and formally documenting customer information safeguards throughout the year and reporting them annually. If this feels like more than your team is equipped to handle, the team at Locknet® Managed IT, an EO Johnson Company, can help. Our IT and cybersecurity experts can provide remote monitoring, managed detection, and response, security awareness training, vulnerability assessments, and assist with tabletop exercises. With FTC Safeguard requirements starting in December of 2022, now is the time to reach out for assistance and ensure you are complying in 2023.