The cost of implementing the Gramm-Leach-Bliley Act compliance program depends on the size of the network and the cybersecurity maturity level of each dealership. For smaller “do it yourself” dealerships, the investment costs will be higher.

In general, to achieve compliance, dealerships will need to budget for a security guard, network/security technology, ongoing penetration testing, ongoing risk assessments, employee training, and incident reporting. continuous audit/compliance. As with any compliance program, building an in-house compliance capability can be a very costly undertaking. Most dealerships would benefit from outsourcing this service to a company that specializes in law enforcement.

While these changes may seem costly, they pale in comparison to the magnitude of the fines potential violators could face – up to $100,000 per violation, with potential additional fines for responsible handling. New cybersecurity technologies also have the potential to benefit dealership management and staff on a day-to-day basis, beyond simply complying with federal regulations – business data will be more secure and a connected and protected system will enable more efficient work. .

While all car dealerships have the best interests of their customers at heart, the Gramm-Leach-Bliley Act brings to light cybersecurity issues that many dealership owners are either unaware of or unable to address. In addition, the law provides a time limit for making changes. The good news is that the data protection techniques described here can help dealerships meet legal requirements and provide much better protection for their customers’ data.

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