Posted on May 23, 2023 by Travis Peterson
Changes in GLBA Guidelines and What it Means for Auto Dealerships
The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Modernization Act of 1999, has long been a cornerstone in the protection of consumer information within financial institutions. The GLBA mandates that companies explain their information-sharing practices to their customers and safeguard sensitive data.
Recently, changes in the GLBA guidelines have brought about a new focus on data security, especially in light of the increasing prevalence of cyber threats. Let’s delve into what these changes are, why they have been implemented, and what impact they will have on auto dealerships.
What are the New GLBA Guidelines?
The updated GLBA guidelines put a greater emphasis on the need for robust data security measures. One notable change is the requirement for financial institutions, including auto dealerships, to implement Multi-Factor Authentication (MFA).
MFA is a security protocol that requires users to verify their identity using two or more distinct forms of evidence or ‘factors,’ before they can access their account. These factors could be something you know (like a password), something you have (like a smartphone), and something you are (like a biometric identifier).
Why Have These Changes Been Implemented?
The primary driver behind these changes is the alarming rise in data breaches and cyber-attacks. The digital age has brought with it sophisticated cyber threats that can lead to devastating data breaches. The new GLBA guidelines aim to mitigate these threats by strengthening the security requirements for financial institutions.
The implementation of MFA is a significant step towards bolstering security. By requiring multiple forms of verification, MFA dramatically reduces the chances of unauthorized individuals gaining access to accounts, even if they manage to acquire one form of identification.
What Does This Mean for Auto Dealerships?
As auto dealerships often handle sensitive customer information, they fall under the umbrella of financial institutions required to comply with the GLBA. The new guidelines mean that auto dealerships will need to incorporate MFA into their data security practices.
While implementing MFA may seem like a daunting task, it is a critical measure to protect both the dealership and its customers. This additional layer of security can help prevent unauthorized access, thereby safeguarding sensitive customer information and maintaining trust between the dealership and its customers.
How One View is Adapting to These Changes
At One View, we understand the importance of data security and are committed to helping our customers navigate these changes. In compliance with the new GLBA guidelines, we are implementing MFA across our platform.
Starting from June 1st, we will begin rolling out MFA to all One View accounts, with full implementation expected by June 15th. Our goal is to ensure a smooth transition for all our users. To that end, we will be providing step-by-step guides and resources over the coming weeks to help you understand and set up MFA for your One View account.
The new GLBA guidelines represent a significant shift in data security requirements for financial institutions, including auto dealerships. While change can be challenging, these updates are a critical step in enhancing data security in the face of growing cyber threats.
At One View, we are committed to helping our customers navigate these changes, ensuring that you can continue to operate securely and confidently in the digital age. We appreciate your understanding and cooperation as we move towards a safer and more secure digital environment together.