Earlier this year, The Federal Trade Commission (FTC)’s Gramm-Leach-Bliley Act (the Safeguards Rule), became effective, including amendments reflective of today’s risk landscape and technology. 

The updated rule (effective on June 9) requires dealers to undertake a series of procedural, technical, and contractual steps to protect consumer and other personal data.

In addition to the myriad of requirements dealers must adhere to under the updated rule, one in particular may go under dealers’ radar.

This requirement dictates that dealers must select third-party service providers with the skills and experience to maintain appropriate information security safeguards. The execution of this specific requirement is fairly complex and entails vendor-specific risk assessments, evaluation of their controls through comprehensive due diligence, carefully written contracts, periodic re-assessment, performance management, monitoring, and more. 

We are here to make this process a little easier on dealers. We want our clients to know that not only are we the best at what we do, but our proficiency is accompanied by an unwavering commitment to the security and confidentiality of your entrusted data.

Here’s how we ensure the safety and security of your data

1. Data Storage: We utilize Box, a leading cloud storage provider, for all client data. Box employs enterprise-level TLS 1.2 encryption for secure data transmission and 256-bit AES encryption for data at rest.  To enhance security further, we employ Box Shield, which continuously scans content for potential threats such as malware and ransomware during uploading, sharing, previewing, editing, and downloading.

2. Multi-Factor Authentication (MFA): To ensure that only authorized personnel access client data, all Formula Automotive employees utilize Cisco-Duo for multi-factor authentication. Duo verifies user identity and device health with every login attempt, providing trusted access to sensitive data.

3. VPN (Virtual Private Network): When Formula Automotive employees need to work remotely, we employ an enterprise-grade VPN, adding an extra layer of security to protect our clients’ data.

4. Cyber Insurance: In the unlikely event of a data breach, Formula Automotive maintains a comprehensive cyber insurance policy of $5 Million, offering peace of mind and added protection to our clients.

[All updates to these systems and processes will always be posted here.]

In conclusion, we are dedicated to maintaining the highest standards of data safety and security, ensuring that our clients’ information is handled with the utmost care and in full compliance with the Safeguards Rule. Our commitment to excellence extends beyond our services; it encompasses the security and confidentiality of your entrusted data.

For more information about our data security measures and how we can assist you in complying with the Safeguards Rule, please reach out.

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