New FTC SafeGuard Rules: What Your Dealership Needs to Know
Dealers / Credit Bureaus / Credit Reports / Legal
How this affects your dealership The Federal Trade Commission (FTC) has updated Safeguards Rules. Dealers are required to implement these guidelines as part of their information security program (ISP). Previously, similar rules provided only general guidance but as of December 9, 2022 FTC has published specific requirements. The FTC can fine violators up to $46,517 per violation. You must have a written information security program that provides the following: to ensure the security and confidentiality of customer information; to protect against anticipated threats or hazards to the security or integrity of that information; and to protect against unauthorized access to that information that could result in substantial harm or inconvenience to any customer.