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Auto lenders should prepare now for new privacy rules

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In response to a rise in cyberattacks and data breaches, the Federal Trade Commission decided to amend the Safeguards Rules under the Gramm-Leach-Bliley Act. These amendments are designed to safeguard customer privacy and prevent security infringements. This means financial institutions, including auto lenders, will be required to demonstrate a robust security system and close any holes.

Here’s why this matters and how auto lenders can prepare themselves to meet the new legal requirements without compromising efficiency or customer experience.

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