Third Party Assessment:The First Step to FTC Compliance

What is it, how much time does it take, what does it cost?

The FTC Safeguards Rule compliance deadline for Auto Dealers is June 9th, and many dealers are wondering if they are compliant or if they need to take further action, and many are just hoping for another extension.  I get it.  If you're the one who has been deemed the "Designated Qualified Individual," it isn't the title on your business card.  In the last few days before the FTC deadline, there is still time to ensure your compliance by taking the first step, which is to have your third-party assessment completed.

What is the assessment?

The FTC Safeguards Rule requires an initial assessment, followed by annual assessments.  Our assessment not only meets FTC requirements.  It is formulated to also meet NIST and PCI standards.  It is an 80+ questionnaire conducted by us, onsite, which looks into your physical controls, your network, your processes, policies, and your technology, and documents the proof of compliance.  We provide a report to you with any remediation needed.  We don't stop there, as we work with you and your IT service provider through the remediation process.

What does it cost? 

The assessment costs two hours of your time, preferably with your IT service provider present or available for a call.  Monetary cost is $1000 for the initial assessment, with discounts available for annual follow-ups.  The cost for non-compliance, skipping the assessment, or having one done in-house, can be fines ($43,000 per day adjusted for inflation), injunctions, and reputation damage, among others.  

Contact us to schedule your assessment today.

Third Party Assessment:The First Step to FTC Compliance
Citadel6, Catherine Kennedy June 7, 2023
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