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Navigating Vendor Compliance Risks Under the GLB Act
Manage episode 384127475 series 3482426
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In this eye-opening episode of "Facts Not Feelings," we delve deep into the complexities of data privacy and compliance in the automotive industry under the Gramm-Leach-Bliley Act (GLBA). Join our expert panel, including industry leaders Brian Pasch, April Simmons, and Tom Kline, as they unravel the challenges and strategies for navigating GLBA compliance. Discover the impact of data handling in auto retail, the role of vendors, and the essential steps dealerships must take to safeguard consumer data. This episode is a must-watch for automotive professionals committed to data security and legal compliance. Stay ahead of the curve with our actionable insights and expert advice!
3 Main Takeaways
- The Gramm-Leach-Bliley (GLB) Act has clear obligations for dealers when it comes to customer data privacy and security, but many vendors have been slow to comply. This puts dealers at risk of fines if their vendors are not securing customer data properly.
- Dealers should be taking steps to comply and protect themselves, such as sending letters to vendors requesting compliance confirmation, documenting communications, and considering customer data platforms to better control data flow. Having cyber insurance can also help mitigate risks.
- Data breaches and fines are inevitable in the industry. When they happen, it will force vendors and dealers to take GLB Act compliance much more seriously. Being proactive now is important to limit risks and liabilities.
Connect 🔗
Brian Pasch: https://qrcc.me/s0navio3uyhe
April Simmons: https://qrcc.me/s0w1kw1d8eb5
Tom Kline: https://qrcc.me/s0w1om8hix74
BZ Consultants Group: https://qrco.de/bcqqFo
Apple🎙️ https://apple.co/3DYjWN0
Spotify 🎧 https://spoti.fi/3DNNgFI
Youtube ▶️ https://bit.ly/3jDwPoO
Chapters:
0:00 - Intro
0:50 - Handling Consumer Data in Auto Industry
5:20 - GLB Act Compliance Challenges for Dealers
10:05 - Vendors Refusing Accountability
15:30 - Legal Risks of Non-Compliance
20:42 - Documentation to Mitigate Risks
25:19 - Insurance Coverage for Fines
30:30 - Taking Control of Your Data
35:01 - Customer Data Platforms
40:35 - OEMs and Data Sharing Compliance
51:00 - Lightning Round
56:33 - Outro
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