Emerging regulations, like the revised U.S. FTC Safeguards Rule, are largely focused on proactive threat defense to drive effective security. Interestingly, the revised U.S. Federal Trade Commission (FTC) Safeguards Rule now covers auto dealers and other “non-banking financial institutions.” This is because automobile dealerships, amongst many other organizations, process and store consumers’ personal financial data.
The National Automobile Dealers Association (NADA) estimates that, for many dealerships, the cost of Safeguards Rule compliance will exceed $100,000. As you enhance your company’s security model, SaaS-delivered security solutions, like Cisco Umbrella and Duo, can lower total compliance costs by meeting multiple regulatory needs. In fact, the 2023 Forrester Total Economic Impact™ studies report:
- For Umbrella, a 231% ROI, and a payback period of less than 12 months
- For Duo, a 159% ROI, and a payback period of less than 6 months
What are some key takeaways from the revised FTC Safeguards Rule for auto dealers?
A CDK Global study shows that 85% of dealerships are prioritizing cybersecurity. The revised FTC Safeguards Act sets a national standard, outlining what a reasonable information security program looks like. The Safeguards Rule now requires planning and action to mitigate “reasonably foreseeable internal and external risks.” That includes data breaches, data leakage, phishing, and ransomware. The Safeguards Rule also explicitly mandates multi-factor authentication (MFA).
To help meet standards set by the FTC Safeguards Rule, auto dealers can turn to Cisco Umbrella and Duo.
The Safeguards Rule deadline is June 9, 2023 – start getting compliant in 24 hours
42% of auto dealers lack confidence in their cybersecurity program. You can gain confidence rapidly with Cisco’s affordable DNS-layer security, and strengthen your security posture over time with Umbrella’s multi-function, converged, cloud-delivered security. Join 26,000+ Umbrella customers and demonstrate compliance to auditors with confidence.
Protect your reputation and improve your users’ experience
84% of consumers said they would not buy again from an auto dealer if their data had been compromised. Mitigate that risk, while also delighting your own employees, with DNS-layer security that actually speeds up the network.
Defeat hackers with leading threat defense
About 40% of dealerships are not updating and patching systems promptly, leading to vulnerabilities being exploited by bad actors. Duo Device Trust can, among other things, be used to create policies that keep users from accessing the network if their device isn’t properly patched or updated.
Further, 55% of dealerships don’t segment their networks, limiting mitigation of lateral threat movement. To comply with the FTC Safeguards Rule, auto dealers should be able to proactively identify bad actors and avert future attacks with unmatched visibility. Cisco Umbrella processes more than 5 billion web reputation requests per day, and blocks more than 170 million malicious DNS queries daily. As you further develop your security posture, take advantage of Umbrella SIG’s additional converged, cloud-delivered controls including secure web gateway (SWG), cloud access security broker (CASB), data loss prevention (DLP), and remote browser isolation (RBI).
Add Cisco Duo multi-factor authentication
Cisco Duo multi-factor authentication (MFA) establishes user and device trust, adding another layer of protection. SC Media awarded Duo its 2022 Best Authentication Technology award, noting, “Cisco Duo offers a strong, easy, and adaptive authentication that enables secure access for users and devices to any environment, from anywhere.”
Additional third-party validation
- Simple, high-performance, user experience – In a TechValidate survey of Umbrella customers, 65% cited fast and easy deployment, 61% said Umbrella delivers faster connections, 39% saw value within just 24 hours, an additional 37% within a week, and a further 24% in more than a week.
- Award-winning threat defense – Cisco Umbrella has won the Frost & Sullivan: 2022 award for Secure Web Gateway and the PeerSpot: 2022 Gold Peer Awards for Umbrella SWG, CASB, and SASE.
- Superior value – The 2023 Forrester Total Economic Impact™ studies report 231% ROI and a payback period of less than 12 months for Umbrella, and For Duo, a 159% ROI, and a payback period of less than 6 months.
Your next steps
Quickly getting compliant with the FTC Safeguards Rule isn’t an impossible task for auto dealers. Umbrella and Duo provide easy, fast, cloud-delivered security, so you can reduce risk and get on with doing business.
Download our free At-a-Glance Guide to FTC Safeguard Compliance today to get the information you need to start getting compliant. And be sure to register for our FTC Compliance webinar on April 20th to learn more about next steps.