Cybercrime has been around for decades, and it’s gotten worse over time. As cyberattacks grow in number, the harder it has become for businesses to stay secure. And the problem is bigger than simply protecting company data. When an organization experiences a data breach, it also affects that company’s customers. To help protect consumer information, the Gramm-Leach-Bliley Act (GLBA) was created.
If you’re unfamiliar with the GLBA, it’s a law that requires financial institutions to strengthen their cybersecurity measures around consumer financial information. These GLBA cybersecurity requirements demand that financial companies provide clarity on how they handle their customers’s data. On October 27, 2021, the Federal Trade Commission (FTC) announced an adjustment to the Safeguards Rule under the GLBA that broadens the definition of a financial institution. This recent change has resulted in automotive dealerships being classified as financial institutions.
As a result of the rule change, dealerships across the country now find that they must be in compliance with this regulation. But you may be wondering, how can your business meet the requirements of car dealership privacy laws? It’s an involved process that requires the creation of strong, reliable cybersecurity policies and processes. This GLBA compliance checklist can help you on your journey.
The first step toward achieving GLBA compliance is to perform a risk assessment. A risk assessment identifies hazards that could end up having a negative impact on your operations. These assessments allow a business to see what its weaknesses are and fix them before they can be exploited.
GLBA risk assessment requirements are specifically aimed at finding out what you need to do to be GLBA compliant. A managed services provider (MSP), like Computer Technology Management Services, can help you perform a robust risk assessment.
Once a risk assessment is conducted, you can have a better understanding of where your dealership sits as it pertains to GLBA compliance. This is because the assessment detects the flaws in your cybersecurity measures that could keep your business from passing a GLBA compliance test. The more insight you have into your infrastructure and policies, the easier it is to make the adjustments you need.
The third step in the cycle is to analyze your findings. The risk assessment should provide plenty of information for you to chew on. Most importantly, it should highlight opportunities to improve your overall cybersecurity posture.
An MSP can help you analyze the data you have gathered. As your partner, they can help you understand the meaning behind your findings. They can also use the information to provide suggestions that can help your business better defend itself against cyberthreats.
With the answers you need to improve your cybersecurity posture, it’s time to act. Remediate the issues with your cybersecurity by leveraging what you know about your infrastructure and using the recommendations you received from your MSP. This can involve everything from implementing new cybersecurity tools into your IT environment to changing your workplace culture to encourage cybersecurity safety. Some changes may take longer to do than others, but it’s worth it as the changes you make during this step can lead to your organization being stronger as a whole.
The final GLBA compliance checklist step is maintenance. It’s not enough to achieve compliance, it must be maintained. Since the rules are always adjusting to keep up with new developments in the cyberthreat landscape, it’s easy to fall out of compliance. If you become noncompliant, it could result in hefty fines and other serious penalties against your dealership.
To maintain compliance, it’s necessary to perform regular reviews of your organization’s status and how it compares to current requirements. When you partner with an MSP that has experience with GLBA compliance, they can review your cybersecurity measures for you. If they find something wrong, they can quickly implement fixes that bring you back into compliance.
CTMS is an industry-leading MSP that is dedicated to helping you get the solutions your business needs. If you need to be GLBA compliant, our experts can help. Our team works closely with yours to understand your business and its needs. This enables us to create customized solutions that strengthen your cybersecurity and helps your business become compliant.
Contact us today to learn more.
Computer Technology Management Services (CTMS) supports organizations nationwide with high-quality, customizable business IT tools and cybersecurity strategies for dealerships and more.