FEDERAL TRADE COMMISSION EXTENDS SAFEGUARDS RULE COMPLIANCE DEADLINE

On Tuesday, November 15th, the Federal Trade Commission announced that it will extend the Safeguards Rule compliance deadline from December 9, 2022 to June 9, 2023. The FTC recognized that a shortage of qualified personnel to implement information security programs combined with supply chain problems that make it difficult to obtain security equipment upgrades would make the original December 9 deadline difficult to meet.  The FTC administrative Rule extending the compliance deadline can be found here: Standards for Safeguarding Customer Information (ftc.gov)

The 6-month extension is welcome news, although dealers are urged to stay on top of preparations. Additional information about the revised FTC Safeguards Rule is available on NADA’s website at: www.nada.org/safeguardsrule.