- May 13, 2022
- Posted by: Ryan Allison
- Category: Security
One of the most important things an MSP (Managed Services Provider) can do for there customers aside from bringing them efficiency and security, is keeping them up to date on all of the necessary fail-safes that must be in place for there business. One great example of this is ,The FTC Safeguards Rule!
This rule and went into effect on May 23, 2003. The original Rule was subjective i.e. financial institutions (which included most dealerships) were supposed to implement “reasonable” safeguards to protect customer data that were “appropriate” to their operations. This made the Safeguards Rule difficult to enforce, and adoption of the Rule within the dealership community was inconsistent.
On January 10, 2022, an updated version of the Safeguards Rule became law. The biggest change was abandonment of the “reasonable” standard. What was once undefined became objective. This means that certain task have to be undertaken and demonstrated, whether it is reasonable or appropriate in the dealership environment or not.
This pertains to processes such as Multi-Factor Authentication,Continuous network monitoring,Data encryption, and many other security processes built to protect the customers of your business.For more information on these new safeguards , you can read more about it on the FTC website by following the link below.
We at OWC PRO IT SERVICES bring you this information in hopes that you are doing whatever you can to keep your customers and business as safe as possible! Have a great weekend and remember to make sure that all of your IT needs are being done PROPERLY!