Information and Addendum for Gramm-Leach-Bliley Act (GLBA) Safeguards Rule (Click Here)
Information and Addendum for Gramm-Leach-Bliley Act (GLBA) Safeguards Rule
What is the Safeguards Rule:
The Gramm-Leach-Bliley Act (“GLBA”) (1999) requires the protection of consumer data. The Safeguards Rule (“Rule”) has been in place since 2003, it included requirements that dealers “safeguard” consumer data.
Changes to the Safeguards Rule are in response to the growing incidence and severity of cyberattacks.
How the changes to the Safeguards Rule affect dealers:
The new Safeguards Rule includes specific measures that dealers must implement before June 9th 2023 to comply.
Under the Rule, dealers must ensure that service providers maintain safeguards similar to the dealers’ own information security program.
The Rule envisions dealers obtain written acknowledgement of the safeguards their service providers have in place.