How to Meet The New FTC Revised Safeguards Rule

In order to meet the FTC revised safeguards rule that goes into effect on December 9th of 2022, businesses must make sure they have a data security program in place. This article explores how managed IT services can help you get started on this process and keep your company in compliance with the new rules!

FTC Revised Safeguards Rule
The FTC recently revised its Safeguards Rule, which requires companies to have measures in place to protect customer data. The new rule requires companies to take a risk-based approach to data security, and to implement safeguards that are appropriate to the level of risk.

Managed IT services can help companies meet the requirements of the new Safeguards Rule by providing comprehensive security solutions that are tailored to the specific needs of each business. Managed IT services can provide a full range of security features, including firewalls, intrusion detection and prevention systems, malware protection, and more.

In addition, managed IT services can help businesses keep their data secure by providing regular updates and patches for their systems and applications. By keeping systems up-to-date, businesses can reduce the risk of vulnerabilities being exploited by hackers.

Finally, managed IT services can help businesses respond quickly and efficiently to data breaches when they do occur. By having an experienced team of IT professionals on hand, businesses can minimize the damage caused by a breach and get back up and running as quickly as possible.

Nine Steps
These are the steps suggested:

1. Make sure you have a key person who can execute and monitor the dealership’s information security program.
2. Find an outside expert to conduct a risk assessment to spot any potential threats or risks to customer information or dealership cyber security.
3. Create and execute safeguards to protect against any threats identified in step two.

• • Who has access to information?
  • Where is the customer’s information collected?
  • Encrypt customer information to be sure it is safe.
  • Are you using any third party apps?
  • Be sure that all employees and systems are using multi-factor authentication.
  • Construct guidelines of how to securely discard sensitive information.
  • Have a go to guide for managing changes to the system or network.
  • Establish safeguards to monitor user activity, authorized and unauthorized.

4. Test safeguards frequently.
5. Update staff on security training.
6. Be aware of vendors that collect or store any customer data.

• • Evaluate their security measures.
  • Be sure all contracts are up to date, but also include:
    • Barring release, use, or sale of data.
    • Obliging vendor to delete all customer data from systems upon request or at the end of the contract.
    • Responsibilities in event of a data breach, including notice and reimbursement obligations.
    • Vendor’s protection measures for safeguarding data & commitment to maintain those measures.
    • Right to check or inspect the vendor’s security measures.

7. Be sure all security programs are up to date.
8. Have a written reaction plan in place for any occurrences.
9. The key person responsible for security programs must give details to the Board of Directors, once a year if not more.

Reasons for a Managed IT Services
The new FTC Safeguards Rule is designed to protect consumer information stored by businesses. Managed IT services can help businesses meet this new rule by providing a secure environment for storing data and ensuring that only authorized personnel have access to it. Additionally, managed IT services can help businesses comply with other security requirements, such as those related to the Gramm-Leach-Bliley Act and the Health Insurance Portability and Accountability Act.

How Managed IT Services Can Help You Meet The New FTC Revised Safeguards Rule
The Federal Trade Commission (FTC) recently revised its Safeguards Rule, which requires businesses that handle sensitive customer information to have security measures in place to protect that data. The new rule goes into effect on March 1, 2020, and will require businesses to take a more proactive approach to cybersecurity.

Managed IT services can help businesses meet the new FTC Safeguards Rule in several ways. First, managed IT services providers can help businesses assess their existing security posture and identify gaps that need to be addressed. They can also help businesses implement the required security measures, such as firewalls and intrusion detection systems. Additionally, managed IT services providers can help businesses monitor their network for suspicious activity and respond quickly to any incidents that occur.

By working with a managed IT services provider, businesses can ensure that they are taking the necessary steps to protect their customers’ data and comply with the new FTC Safeguards Rule.

Conclusion
When it comes to meeting the new FTC revised safeguards rule, managed IT services can be a big help. With managed IT services, you can have peace of mind knowing that your data is being backed up and that your systems are being monitored 24/7. This can help you avoid any potential penalties or fines associated with the new rule. If you’re not sure where to start, contact a reputable managed IT service provider today and get started on complying with the new FTC rules.

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