Safeguards Rule Vendor Compliance
The Federal Trade Commission (FTC) issued new amendments to its Safeguards Rule, which requires covered financial institutions to develop, implement, and maintain an information security program with administrative, technical, and physical safeguards designed to protect consumer information. The amended Rule’s requirements must all be completed by December 9, 2022.
(Source: https://www.ftc.gov/business-guidance/resources/ftc-safeguards-rule-what-your-business-needs-know)
One of the Safeguards Rule requirements is that dealers “Oversee Service Providers” by:
- Taking reasonable steps to select and retain service providers that are capable of maintaining appropriate safeguards for the consumer information at issue;
- Requiring your service providers by contract to implement and maintain such safeguards; and
- Periodically assessing your service providers based on the risk they present and the continued adequacy of their safeguards.
- Monitor service providers on an ongoing basis to verify they are maintaining adequate safeguards.
Sonsio Vehicle Protection is fully compliant with the Safeguards Rule
- Sonsio systems, practices, and disciplines are in strict compliance with all 18 aspects of the Safeguards Rule.
- Our entire Sales and Operational Teams have completed the Security Awareness Training and are knowledgable about the Rule and Sonsio’s compliance with the Rule.
- We have designated Legal and Compliance contacts on staff if you have further questions.
- We have partnered with Mosiac Compliance Solutions as a resource if you need additional education or assistance for your organization.
Print/Download our Safeguards Agreement for Dealers (PDF)
For more information, call 1.866.608.9836
